Since then the market made an attempt at remounting the 50 day moving average. If SPY had held those levels, the short setup would have been invalidated and we would be back to holding a bullish bias. I did not let go of my short since the market is showing underlying weakness and the remount was far from explosive.
Today we got the failure of that remount with a huge down move. Over in the Trade Report we are still holding our short position with our target at the 200 day moving average.
This two minute video goes over the SPY short trade.
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