normally i don’t blog during trading day but unusual circumstances…we failed right at the level i tweeted pre-market around 193. great spot to short and many traders did. sellers now in control and that only changes if we break the downtrend moving back above 190. a hold above 190.50 would give us a chance to close in the 191.50-193 level that i tweeted earlier as well.

this is a very scared market. SPY puts 10+% lower are trading with large premiums and as i type this we are attempting to roll over again…

Steven Spencer is the co-founder of SMB Capital and SMB University which provides trading education in stocks, options, forex and futures. He has traded professionally for 19 years. His email address is: [email protected].

Steven Spencer is currently short SPY and short out of the money SPY puts