I believe that this action here is just a bounce into more downside. This is very short term analysis, but the longer swing charts are negative.
When I posted that, I didn't really think there was much chance we could bounce that high in the first hour, but the way things are going it's not out of the question.
"I didn't really think " market could care less what we think. Real pilots fly single engine, parachute optional.
There wasn't a whole lot of risk in that trade moneywise, and the trade entry gave great R:R. The SPY's are a great place to try your hand at trading, but just treat the capital like what it always is, will be, and has been ... risk capital. Good trading, JJ
Beautiful 61.8% fib retrace, to the tick. Headed back up above 1511, probably to close the gap. I'm flat, and will probably have to remain so as I need to bail in a few minutes. EDIT: Never mind. My mistake. Retrace was only about 53%, not 61.8%.
The stop could have been wider but shoulda would coulda never pays the rent. May re enter down to $1495.00.