XLP Scoop Pattern Update 4

Today XLP gapped down after yesterday's close below the 8ema. It may reverse and go back up, but it did just bounce off the 200SMA, which is a powerful level, and the SPY is making an Island Reversal, which is very bearish. See chart below. It would be best to get out with a very small loss at this point and see what happens. We can always get back in.

So I sold the spreads for .75 each, which is a $9 loss since I bought them for .84. I've learned the idea in trading is to take small losses and bigger gains. You can't do this if you don't take the small losses.