SPY Fade the Breakout

SPY Fade the Breakout

I woke up late today and the first thing I saw was the +1000 tick near the high of the day. I checked the breadth and it was about ~4:1 up, which is not that high for a breakout rally. So I decided to exit my long position. The hourly close has a very long tail on it and reaked of reversal so I went short.

I just closed my short position because we registered a -1000 tick and though I still believe that SPY will drop to 118.4 later today I decided to wait for a bounce to re-enter my short position.

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