We bounced in August on the important 61.8% retracement, next support is at the 50% retracement which also happens to be major daily support near $SPY 102. We have no idea whether we’ll actually pull back to that area but we’re open to the idea and believe the possibility is definitely on the table. However, it doesn’t really affect our type of trading as our time-frame is too short (i.e. even if we get there it won’t be a straight line and will give lots of opportunity short and long). But for you longer time-frame position traders — keep an open mind.
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