SPX dumps 5% off the 161 fib of March 202

Update to

Strong initial reaction. There's a big difference between reaction and reversal, and I'm forecasting reversal in the 161 trade if successful. But reactions always come first.

Usually we'll retest here before any major move. It's not important to the overall thesis that market dumps hard from 161, but for practical trading this where I am looking for new short entries.

Ready to jump on bear momentum breaks if rally fails. If it succeeds, big chance to position into the 161 retest. Maybe this was just the smaller of the reactions.