Markets gapped down yesterday and held the last line of defense. SPY’s held the 129.63 level, which was the 61.2% retracement level of the rally that took place from the lows to the recent July highs. This was also the break out retest of the lower pivot area that took place on 6/29. If you believed that this market wouldn’t fall apart and that the firm bid would remain in place, then intraday…
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