Difficult spot for the SPY at the 61.8 fib and possible tactical short. The 80-day MA was the point of failure multiple times in the 2018 sell-off and now failed once in the current sell-off. We're also trading into upside supply, but if going short, keep a tight stop here as a break above will likely rip to 300.
Comment:
Watching to see if the 279-280 level holds. If we break that I can see 260. Lowering stop to ensure profit. A bounce here can send us back to 285-288 range.
Comment:
Nearing stop.
Trade closed: stop reached:
Stopped at 285 - might reshort near 288