As SPY continues to grind around within this 6-week trading range as the divergences continue to build, instead of suspending the max. suggested stop again, it will be raised to a daily close above 295.36 (just above the 4/29 high). I also need to cut out early today & won’t be around for the final hour of trading today & as such, I won’t be able to assess the price action heading into the close today (another reason for modifying vs. suspending the stop). This modification to the maximum suggested stop will provide just under a 2:1 R/R to the current final target (T4) although there is still a good chance that additional targets will be added to this trade or the next SPY short trade, should the revised stop be taken out.
SPY 60m May 12th
The bigger picture has the S&P 500 trading just below the key 200-day EMA as well price resistance & the 61.8% Fibonacci retracement level of the 36% drop off the Feb 19th high into the March 23rd low (i.e.- the broad market has retraced half of that drop) as covered in today’s earlier video.