August 5, 2024: the yen carry-trade selloff in SPY, replayed

SPY gapped down hard at the open, then spent the day climbing back part of the way. Watch it, then trade it from the open.

Prior close

$532.92

Open

$511.63

Gap

-4.0%

High

$523.57 at 12:25 PM

Low

$510.29 at 9:30 AM

Last 5-minute close

$517.44

Change

-2.9%

Range

2.5%

From the replay's 5-minute bars, regular session only. Prior close is the last 5-minute bar of the session before.

SPY opened at $511.63, -4.0% from the prior session. The low of the day came on the 9:30 AM bar at $510.29, and the high on the 12:25 PM bar at $523.57. The last 5-minute bar closed at $517.44, -2.9% from the prior close, with a range of 2.5% in one session.

Traders around the world were unwinding yen carry trades after the Bank of Japan raised rates, on top of worries about a U.S. recession (The Christian Science Monitor).

Could you have traded it?

Play the day from the open in Market Replay with the rest of the chart hidden, and trade it the way you normally would. These are the questions I'd want an answer to by the close:

The low came early. Were you short into it, or buying it?
After a gap down this big, how long did you wait before you trusted the bounce?
If you went long, where did you take profit once the bounce stalled?
Would you have held a short through the first hour?

Watching the replay needs no account. To trade the day yourself it has to be inside your plan's history: Free replays the last 30 weekdays, Trader the last 365 weekdays, and Quant every day since March 28, 2023.