At 311, the SPY neared THREE forms of resistance on the intraday 1min chart. 1) Moderate price resistance in the 84.85ish area. 2) Resistance from Opening Range low. 3) Resistance from the 200MA . Additionally the Demarker was indicating an extreme overbought condition . My SKF entry was on the 311 bar as SPY rejected the resistance. My stop was set just above the OR low. My exit target for the trade was the support of the 25 fibonacci extension (combined with the 20ema) from yesterday's high to today's opening range low. The target was hit five bars later.
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