SPY at Key Resistance on Multiple Time Frames

SPY gapped down below key support and is now trading at significant intra-day resistance ($114.20). As long as SPY does not confirm a move above this level, it should see a nice move to the downside. Shorting at this level is a great move, just set your stop for .15 or .20c depending on your risk level. Normally I would be very confident about this type of move, there is resistance on the 5, 10, 15 and 30 minute charts at this price, but with the easy nature that buyers have been springing into this market, I have to be fearful that we could still somehow break through and into yesterday's trading range. However, I don't base my trades on fear, I base them on opportunity. I am Short SPY now with a Stop Loss at $114.45.

Home Sales Beat Expectations

There is some resulting market volatility, but no clear direction yet.
I am long SPY at $111.70

Trade Plan for SPY This Morning

Buy Spy at $110.68 with a stop loss of .54c
Target to Sell at $111.50 or try and let it run to $112.

I am Short SPY

I scaled in starting at $109.78. I am now Fully Short after SPY confirmed below $109.60. Avg price of my short position is $109.68. Looking for target in the low $109s. Keep in mind though, if SPY can break $109 or specifically $108.75, it should fall hard, so I am going to give myself a chance to hold on to this trade.

However, the Pattern Play is still in effect and if it continues, we'll bounce off the $109 base and head back up come Monday.

Sold SPY $109.88

Looking to go short

Filled at $110.03 to make Full Position of SPY

Bought SPY $110.08

Bought half a position. Have to watch this trade carefully, if price does decide to turn down swiftly, it can be difficult to exit a position in pre-market trading as you can't place stops...

Watching dollar, if dollar futures move above $78.27 or SPY confirms below $110, I will look to go Short.

What I am Looking at this Morning

I am watching to see if SPY can move down towards the $110 support level. I have a limit to buy at $110.08 and $110.02. If SPY shows enough weakness to confirm a movement below $110, I will look to Sell my position and go Short.

Covered SPY at $111.30

We didn't have to wait till tomorrow to fill the gap, nice! Turns out my Stop was set perfectly, SPY came within .2c of it at 11:30am. I also feel somewhat fortunate that I wasn't stopped out after the FOMC decision was released, turned out there was only a small amount of volatility to the upside...

Short Full Position SPY at $111.95

Candles show potential reversal pattern. Stop at $112.15. Tentative Target at $111.22.

If SPY confirms movement below $111.76, I will add to my short position.

Covered SPY at $110.55

Taking a Short Position of SPY at $110.96

I would advise not trading in this market, but this take has OK odds for a reversal back to $110.60. I will cover half my position if it gets there and then see if we can move any lower. Only negative to this trade is that we are hitting a resistance level for the third time which often leads to a break through... Stop loss is around the highs of the day or a little over them, depending on your risk...

Sold SPY at $110.60

Upward momentum was short lived, we should have moved higher on the initial push. Also Dollar strength forced me out.

Long SPY at $110.71

Today's Play

It is beginning to look like the market won't really break significantly in any one direction today, so I am looking to do some range plays. The range suggests going long between $109 and $109.30 and Shorting between $110 and $110.30. I had a limit to buy at $109.01... SPY moved as low as $109.02, missed it by .1c. Too bad, that would have been a nice take. I did buy half a position at $109.29, so at least I got a little piece of the action. SPY is currently moving up, lets see if we can get past two minor resistance levels that intersect at $109.60. If we can move past that and the 50 Day Moving Average, we'll then just need to get past the 100 day moving average. If that happens we will cross $110 and see the top of the range I mentioned above. FYI, I placed my Stop at $109.21.

If SPY does move back down and moves below $109, I will look to Short.

Covered SPY at $110.85

The Short was a nice setup, but too much good news pushed the markets higher.
The Fed raised the 09 GDP target: from -1.5% - 1.0% to -0.4% to -0.1%. Also, the FOMC assured that the recent fall in the foreign exchange value of the dollar had been orderly and appeared to reflect an unwinding of safe-haven demand. 

I probably should have covered my short position after the down trend line was broken on SPY somewhere around the $110.70 level. However, I held on through the highs of $111.14. The reason I held onto the position was that I knew it would be tough for the market to break much higher than the morning's high of $111.05. Probably not a good way to trade given the news and the upward momentum. However, in this case it worked out to be a break even trade. Too bad, was really a great setup. I thought of holding the position over night, as I still expect yesterday's Gap Up to be filled, but I'll see how the Market opens tomorrow and take it from there.

Short SPY at $110.87 Intraday Trade

I think we are at the highs of the day right now and am Shorting the SPY

Potential Buying Opportunity or Scalp Play?

We are watching a nice drop in the market this morning with SPY moving down more than 1.7% in early trading. We are seeing what could be minor support now at $109.35. I look to see SPY break through this support to move a little lower. I will be looking to buy at potential lows for the day between $108.95 and $109 for a nice Scalp play. Depending on your risk to reward, you could put anywhere from a .10c stop to a .35c stop. Look for potential gains of .70c on this play.

Notice the increase in volume today as we have the first significant down day this month. The fact that we have higher volume when stocks are selling off shows strength for the bears.

Short SPY at $106.83

This is a new Short Position... I didn't have a chance to post, but I covered my position from yesterday at $106.40 at 10:44 EST

Sell SPY at $104.70

Made it as high as $104.92, which still would have been a nice scalp play for a .25c gain. However, held out for slightly higher gains. When the price headed back down towards my entry point, I decided to exit the position  rather than risk taking a loss here.