SPY ( or QQQ, /ES, /NQ, etc.. )offers an objective short entry (or re-entry) on this backtest of the bottom of the recently broken trading range. This is the same trading range I was highlighting back in late August stating that a break below the range (which I favored) would provide an objective short entry & likely determine the next tradable trend, which it certainly did. Previous (Sept 4th, providing the objective add-on or additional short entry for those that missed the breakdown) & Sept 6th (time to cover that short & go long for a back back to exactly where we are right now), and the updated 60-minute charts (time to close longs & get short again) below.
SPY 15m Sept 4th
SPY 15m Sept 6th
SPY 15m Sept 12th
Simple stuff, really. It either works out or not & if it doesn’t, one’s stop(s) should be commensurate with their preferred price target(s), with some near-term targets shown at the arrow breaks on the updated 15-minute chart above or the longer-term swing & trend targets still as shown on the recently posted daily & weekly charts of SPY & QQQ (those deeper targets warranting a much wider stop than those only looking to game another pullback off the bottom of that late August trading range).