I trade everything around the $ES.  My trading plan for $ES is all trend based.   I sold one $ES contract on 2/20 with a break of the trend on the Daily.   And I am not trying to brag about the trade, I just want to show you that when the conditions are ripe and the leverage you have with $ES futures.  Then I use the SPY system with an another account.  This working position allows me to take some loses on the SPY system trades.  Now if the market bounces Monday, I will be profitable on the last SPY option trade in the SPY system, and I will close out my $ES position.  This gives me the ability not to panic and let the trades work out.   This is how I hedge but always going with the market trend with overall trading bias.   The second file is a chart of the SPY daily.  This breakdown was no surprise.  You had huge bearish divergences on RSI, MACD, spinning top and a break from a megaphone top.  This set up was the same the break in 2008.   The market was already deteriorating and the Coronavirus was the match that lit the fire.     

$ES Daily wave chart.  This is not trading advice but just my personal count.  The market is dynamic so I just use these types of rough guides if you will.  Have to use tight stops in this type of environment, I use a 5 day EMA for now).   I am looking for a ABC double bottom short term.  A test of Fridays low would be good and productive.  Now things do not always play out as thought so resistance lines will be critical to watch and see if rejected or break through or false break.  Now if we retest I will have more confidence in getting a good rally for March.  Then see where it stalls.  My bias for now is bearish until proven otherwise.  So I will look to be more aggressive on the downside.  Everyone is calling the top now and wave 5 is in but until price confirms a bear market (below the Dec 2018 lows-2317).  Then I will keep trading the swings and bias to the downside.  During this coronavirus there will be sectors hit harder than others.  So I will look to short stocks that are in Restaurant, Airlines, Retail chains, etc. on any bounce.  I think setting up a strategy today, for the next 3 months on how to best position yourself for successful wins.  Again this is just my own personal view.  My core position will always be with SPY system. 

Jaws of death playing out.  That's a good program if it you had that going into February.

APRN (Blue Apron)  - Here is a speculative play.  If people get Coronavirus they will need to stay home and be quarantined, so this type of service may benefit greatly by delivering meals to the home.  Just my two cents.  

I think we call this margin calls.  

$ES 120m near term target.  That's what I have for B wave up  tgt for now (price action always take precedent) Then possibly one more push down (Wave C) before an intermediate bottom (3/3-3/6) window.  If this plays out.   Also too note - If you took that sell signal on 2/19@17:00, you would be sitting pretty right now.  I think trading the 120m with this high volatility could notch out some nice trades on the buy and sell side.  reducing big draw downs. 

At this point we are closer to a bottom than a top.  So much bearish talk, news, etc.. We are near or at a significant bottom.   Nothing is linear in the markets.   Just about all the snowflakes have cashed out.

When the SP500 goes to zero, we will have a good entry.

This market needs the paddles and start shocking it out of cardiac arrest.  

I think we are all in your camp.  i have have had a bearish bias since 2/14 and I put on some shorts/puts.  I closed way too early and now sitting on losses.  Not typical for me.  i steered away from my trading plan.   I do not even have the virus and it is kicking my arse. 

Whats 20 when we just slid 160 in two hours. 

Thats it?

This was one of my worst day performances is years.    Took a lot of body blows today, hopefully I can recover next week.    Closed my shorts/puts too early and entered Long/Calls too early.  Have to review my trading plan again,   Need some Scotch now (has to be cheap). 

Man.  Never experienced such ugliness.  

Just added  PAYC to the group.  

NIce!!!! They are a smart bunch and Science is there wheelhouse.  

I am a buyer at the close: MAY Calls OTM on AAPL, AMZN, HD, BBY, NKE, TSCO and ADBE.  Let er rip!!!

I hear you.  I just bought some April 17th 337 SPY Calls@0.40 Low risk. 

From my vantage point, It looks OIL is finished a final wave "V" and looking for a nice entry next week.  

VIR - insane move in a couple of days.