Blue arrows are entries, Black arrows are exits.
7 total trades; that right there should have stopped me as I should only really expect 3-4 trades a day out of the SPY.
The first trade was just dumb. The second could have been managed better, likewise the third.
The fourth was a scratch. The fifth was decent. The sixth wasn't SO bad, I think my average loss was around a quarter of a point. The seventh trade was also for about a quarter point loss which was frustrating after being up over 1.5 points and then breakeven at the blink of an eye.
Essentially, the first two trades of the day were my biggest losers, while three other trades were small losses which added up. Equally frustrating is knowing in hindsight that had I held on to a lot of the trades for break-even, most would have had a MAE of only 1.5 points.
Volume today was a cue to fade and scalp quickly
A key for the above chart to define the horizontal lines and dots. For further explanation, see this link:
$139.50 held resistance today
Starting to see that stark reverse divergence on the daily time frame, with waning momentum on the faster time frame. It would seem that further advances may come under heavier selling pressure. Further selling would beget dip-buyers looking for a higher low or buy divergence, but that would be about 1-2 weeks out.