I think there are going to be tough times to trade ahead. I will place limit orders on the selected levels based on likelihood of trading above or below the level in subsequent days. Market orders are a guillotine on this market: combine low liquidity, high rate of upticks/downticks, and the psychological impact of high , and it makes sense to drop these kind of orders altogether.
The correction has much more to go: just look at the graphs of the Dow Industrials (INDU), Dow Transports ( TRAN ), and any equity index chart from around the globe: on some Emerging Markets, such as Brazil, the correction from recent tops amounts to losses up to 52% in market capitalization. Ouch. And SPY is "only" 7% from its all-time highs.
VIEW: Neutral to Short.
Strategy: Short limt orders on upper Fionacci levels (201.61 and 206.26). Trying small longs from lower Fibonacci levels (197.85 and 194.09). Zero trading on market orders.
Other levels to watch: 200.00 (round figure and S2 on ). 205.32 (S1 on , another potential from now).