Good point. That 2/21-22 gap on SPY is certainly a technically significant gap but as per my video earlier today, many of the SPX sectors are currently or recently testing/tested those same gaps & have either already reversed (off top of bottom of gap) /and/or have yet to take them out.

First target was hit. It still looked good so I let it run till ~$414 before closing the trade in about 5.5% profit. Still 5% more potential to T2 but I suspect that we may bounce tomorrow, as lately the market has been going up on auto-pilot. Great trade set up. Thank you Randy for highlighting it!

I’m putting a pretty heavy weighting on those 2 weekly opening gaps (last Monday & today) on SPY & QQQ for tradable targets. Sometimes you will see both SPY & QQQ fall to support around the same time & sometimes, a tag of support (backfill of a gap, in this case) will trigger the bounce so I watch both & adjust accordingly.
I also posted some potential near-term targets on /NQ in the second post today which can be viewed here: https://rightsideofthechart.com/index-etf-futures-support-level-price-targets/#comments

Chart

WOW, great catch!!

Randy is a superb textbook technical analyst … unfortunately this is not a textbook crash/recovery experience …. can’t swim against a 9 Trillion Dollar
Tsunami of stimulus … new textbook being written at the expense of our short accounts

I wish I would have given this trade 6 weeks to season. True to form Randy was a tad early :-(

It’s in perpetual suspension … it’s the short from hell. Not for the faint of heart nor the timid investor. I’m looking to make a small fortune on this trade …. unfortunately it’s taking a large one to do it :-(

I believe Randy initially started scaling in below 195 so 139 looks like a good spot to begin accumulating