Above 31 could be a nice short. And if you want a rush while your pressing it play this below. Albeniz, Isaac Cantos de España: Córdoba, Op 232, No 4 (orch de Burgos) State of Mexico Symphony Orchestra
My method has been described nearly in it's entirety here at ET. A quick look at a chart now should reveal what I am thinking and why at any given time.
In that spirit... A 50% retrace of the downmove from the 1558.75 swing high to the 1508.00 low made this morning in AH would put us at 1533-1534. That correlates with a strong S/R level that has been a factor numerous times in the recent past. If we rally today into the low 1530s, that would be an excellent low-risk short entry IMHO. I closed out my full short position before yesterday's close, but left a small short position on in the form of SPY 140 puts. I plan to add to my shorts today if we get back up to the low 1530s. Unless we fall off the cliff today and get below 1490, I would anticipate holding a short position over the weekend.
Thank you very much, mbusch. your analysis of the markets is concise and clear. You've been a big help to me. TY
Lows in the 1490's must be taken out at some point for the rally to continue. Well, maybe not "must" , but a very good likelihood. Do I mean today? I have no idea-- Never risk more than 2 percent of trading capital on any one trade/idea.