We haven't seen this type of movement in a while. The bulls showed us who was still in control yesterday, but today, the bears sold us right back down to the base of the current trading range ($113-$115). Until we confirm a break below $113, I am going to continue playing the range.
In the afternoon we rallied to just about the 50% retracement on the SPY. I will be looking to short the market again somewhere between $114 and $114.20... If we do head back down off this level tomorrow, I will be keeping an eye out for SPY to break down below $113 with a target of around $112.35. Otherwise, if SPY trades above $114.20 - $114.30, I will look to go long...
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