$SPY over a dollar bounce off the low

10:50 marked the lows with a pierce of 140.40 and at noon we it trades at 141.70. This is a major intraday reversal here and the move is still going. It looks like the market got take down to get some shorts loaded up just to rip them out of their positions. This is why you do not short the market on momentum, in other words this is why you don't chase a move.

We'll see how far the move back up can go, maybe 142.20 but it's probably a designed short squeeze in any event. Even though I am bearish the market, I don't see it going straight down, and this move just shows how the tape can be gamed.