Better Focus

The last two days have brought the decline into better focus. 1452.06 is the number I'm looking at now on the cash S&P. Above that -- before any new lows -- would bode well for my current bias.  I'm still thinking correction, but the last two days started looking impulsive.

Today is starting well.  A rising wedge in the futures market is still intact after some important numbers were just announced.  This could change by the time I finish typing. A break of 1431.50 on the e-mini would do it.

From a Fibonacci perspective 1443 will be the first tell on the S&P in the regular session -- above good, below look out. Interestingly, that's right about where the futures stalled.

I bailed from those puts way too soon and left almost a triple on the table.  Currently long SPY 144 and 145 calls.  I will likely hedge these with SPXU today.