New Position in SPY

I decided to place the following trade today:

My trade is based on a few factors that have come into play. While the major benchmark is not overbought it did hit a rare TICK reading yesterday (+1624), which in the the second reading in history. In the past, when a TICK hits 1500 or above the following trading day (today) is only positive 25% of the time. Moreover, the next two days are historically weak with the the days trading positive at the end of the day 28% and 34%, respectively.

I will be back later this evening with more. I would love to hear what you have to say in the comments section of this post. Trading ideas/ thoughts, etc.

Kindest,

Andy