SPY Short 9-9-15

If you took a short position in SPY over the last 1-2 days based upon information from the blog here, please comment below with entry price and any questions in regards to trade management.

With the bearish engulfing pattern today, it seems likely that today's high should hold in the short term for an established short position.

I  would guess that we are headed to retest the August low from here.  From past comparisons I still am not convinced that price is ready to break the low and hold.  If I had to choose here, I would suggest a scaled exit strategy taking one part of the position off at a modest profit, rather than hold the whole part expected sustained weakness.

I will update as the action unfolds and any bottom reversals occur (assuming price does decline from here of course.



Pete