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Today we look at SPY on the 5 minute chart. Clay alerted 5 min dead cat fade/fake break of 200sma? We poll the room and set up a short trade plan with the assumption that we will resume the gap down that started the day. It perfectly got rejected around the low of the last candle from the previous day really asserting its importance as a level. The price then retreats to the morning low which was most people’s target.