No fade, instead a trap and snap move, where the first 5 minute bar gets taken out only to sharply reverse. It's also why the super guru's techniques are antiquated, to say the least. Maybe they should stop suing everyone, and work on better entries for their gap clients.
On another note, the SPY tested adn bled through the 62% Fibonacci retracement of yesterday's range, but is now back above that level. 111.88 is the key line in the sand. If that gets and stays broken, a full retracement of yesterday's lows is then expected.
It looks like we are trying to carve out a bottom here, so if breadth does improve, watch for a try back to the highs and then a try for a gap move
WAIT FOR CONFIRMATION in this kind of market, it doesnt hurt to be a little late.