1/31/2021 Markets down big this week, and all my long positions are down. Took a loss on a day trade on SPY. Out of all hedges.

Hi everyone, it looks like markets are starting a somewhat larger pullback, although I think there’s a good chance we bounce in the next few days. I’m still in most of my long positions, but are close to getting stopped out of all of them. I also took a .5% loss to my account on a day trade (went long) on SPY this past Friday.

SPY daily chart below. I think we bounce here in the very near term (few days), but continue lower down to near 350-355 (another 5-6% lower). This is the previous breakout level from September, so that’s a decent area to add to long positions. Next support level is near 330 (10% lower from here).

Have a nice week, and I’ll keep you updated if I get stopped out of my long positions or make any trades.

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