Well, we got that gap up so I trimmed a lot of dip buys this morning. If the market is going to stay bearish SPY won't get above the .618 fib level, so far this morning it was rejected at the .5 fib level.
A big gap to fill though, so thinking this could push to the .618 fib level....to try and fill some of it. If SPY get's above that the shorts will cover and a big squeeze could come.
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So far rejected at the .5 fib level. Looking very heavy. Past 6 monts every time the market has looked heavy buyers have come in...so we will see. I don't have much going on at the moment.