Key Reversal Day....02.24.16

SPY plunged right down to our previously stated 190 support level and then promptly reversed from a nervous S3 pivot to finish at R1 ...a 300 point swing.  The M6 is now pointed at QQQ as the best bet (mean reversion mode).  Note the SPY/SH skew is now at the zero line........
Today's action also dramatically highlights the value of trailing stops especially for delta neutral players.
For M1/.M3 owners long term user Little Bill suggests running the M3 MR mode update about 45 minutes after the opening as it often provides an early warning that a trailing stop may be appropriate that day (such was the case today).