We'd be shocked if SPY didn't visit the 50 SMA -- 113.2 was the support and it's basing on it right now, usually a sign of further weakness.
However having said that we still like the long day-trades on support -- again, it all has to do with time-frame. We won't do any swing longs until we get to the 50 SMA on SPY but until then we've been enjoying some decent day-trades long.
When the time comes that no buyers show up when they should then we'll get worried. Until then though, business as usual. We've traded most (but not all) of these off support today:
Position update: we're currently flat in all accounts but will most likely put on some swing trades on the 50 SMA/SPY
Jon Stewart on the Axe Files
6 hours ago