A gap down this morning in SPY, a quick fill and then down we go to take out previous lows. We've been in a bearish trend all week (well, of course we've been in a bearish trend all year, but that's beside the point) so we were looking for a good spot to get in short provided the trend was intact.
We had that signal right before 10:30 after price fell below it's pivot point, recovered, and made a very brief new high before completely falling apart. The sideways consolidation throughout most of the afternoon was very difficult to trade, but price presented two opportunities to scalp short via stabs at the 50-EMA (on the 5-minute chart). At the end of the day, just when you were expecting a rally, price looked to be making a play for VWAP (also corresponding to S1) but just didn't have the demand, and down we went!
We had that signal right before 10:30 after price fell below it's pivot point, recovered, and made a very brief new high before completely falling apart. The sideways consolidation throughout most of the afternoon was very difficult to trade, but price presented two opportunities to scalp short via stabs at the 50-EMA (on the 5-minute chart). At the end of the day, just when you were expecting a rally, price looked to be making a play for VWAP (also corresponding to S1) but just didn't have the demand, and down we went!
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