SPY broke down out of its consolidation pattern and the sequence of up-consolidate-up-consolidate-up-etc has been broken. I am not shorting and hoping for a bounce to sell into. Otherwise sitting a big chunk of GLD Aug 20 113 calls and looking for a roughly 135-140 target.
Ugly breakdown but not shorting into this. We could continue to slide down into low 200's but going to wait and see what beginning of month does.
Definitive breakout. Needs another couple days of upward movement though to set pace to 135-140