{"id":12008,"date":"2011-06-01T19:43:49","date_gmt":"2011-06-01T23:43:49","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=12008"},"modified":"2011-06-02T08:36:10","modified_gmt":"2011-06-02T12:36:10","slug":"three-days-in-one","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/three-days-in-one","title":{"rendered":"Three Days In One"},"content":{"rendered":"<p>Those who follow the markets closely have heard the expression countless times &#8220;the market takes the escalator on the way up and the elevator on the way down&#8221;. \u00a0This simply means that markets tend to go down in price a lot more quickly than they go up.<\/p>\n<p>Today the SPY eliminated three days of gains in one massive down day. \u00a0What started out as a small gap down on a bad economic number turned into the largest and most steady downtrend day we have seen since last summer. \u00a0Generally, \u00a0a down day with this type \u00a0of volume foreshadows lower prices in the market overall.<\/p>\n<p>After the prior week&#8217;s trading action I was becoming very constructive on the market trading to higher prices. We had failed to break to the downside on numerous occasions despite very bearish price action and bad macro news. \u00a0There was a MASSIVE buy program into yesterday&#8217;s close that pushed us up to 135 on the SPY. \u00a0Apparently someone paid the top. \u00a0What a rip!<\/p>\n<p>My positive view of the market was a distant memory by 12:30PM today as we had already taken out the prior two days&#8217; support levels. \u00a0As a short term trader I HAVE to be <a href=\"http:\/\/www.smbtraining.com\/blog\/do-this-everyday-to-become-a-consistent-trader\">mentally flexible<\/a>. \u00a0As I broadcast my show on StockTwits.tv I talked about various shorting opportunities. \u00a0The day was only half over and there were certainly a lot of more money to be made on the short side.<\/p>\n<p>As the market traded down 2% from its intraday high I instructed one of our traders to cover a large amount of shorts as the risk\/reward from a short term perspective was no longer on our side. \u00a0We closed right at last week&#8217;s support area on the SPY at 131.80. \u00a0The probability of a break to the downside is higher now than it was last week. \u00a0I am hoping for a spike tomorrow morning to around 132.80 to re-establish some shorts and then next stop would be 130.80, which was the overnight low last Tuesday.<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/06\/SPY-june-1st-2011-multi-day-view.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-12013\" title=\"SPY june 1st 2011 multi day view\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/06\/SPY-june-1st-2011-multi-day-view.png\" alt=\"\" width=\"499\" height=\"350\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/06\/SPY-june-1st-2011-multi-day-view.png 1000w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/06\/SPY-june-1st-2011-multi-day-view-300x210.png 300w\" sizes=\"auto, (max-width: 499px) 100vw, 499px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Those who follow the markets closely have heard the expression countless times &#8220;the market takes the escalator on the way up and the elevator on the way down&#8221;. \u00a0This simply means that markets tend to go down in price a lot more quickly than they go up. Today the SPY eliminated three days of gains in one massive down day. &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/three-days-in-one\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,8,455],"tags":[],"class_list":["post-12008","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","category-trading_psychology","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Three Days In One | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/three-days-in-one\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Three Days In One | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Those who follow the markets closely have heard the expression countless times &#8220;the market takes the escalator on the way up and the elevator on the way down&#8221;. \u00a0This simply means that markets tend to go down in price a lot more quickly than they go up. Today the SPY eliminated three days of gains in one massive down day. ... 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