SPY PIVOT TRADE

On Friday, I mentioned a high probability setup buying the SPY before the close on the assumption the Pivot Point (129.8) would be hit today.

A few moments before the close, the SPY started ripping higher and closed around the Pivot and now the trade is looking pretty good. Unfortunately, I started buying the SPY at the 129.45 area and was bidding for more but never got filled.

Presently the SPY is trading above 130 and my strategy is to watch the market internals for hints of the market's direction. If the internals start to break down, I will sell and look for a better buying opportunity. Keep in mind that the resistance today is about 130.25 so that may be a good area to sell if the markets lift further.