SPY Thoughts July 5

**These were my thoughts on the SPY ETF to subscribers in my Daily Trade Ideas which includes many, many more charts and setups**

I hope you all had a fantastic day off and the weather was even half as nice as it was here today.

The weather and heat was off the charts today and it was great to relax and get some reading done and household chores.

I’m not sure how many of you will be in the office Friday but I will.

I thought things looked good earlier in the week and I tried some longs only to be stopped out Tuesday.  I re-loaded many Wednesday as things were strong and then today futures moved nicely higher by some 14 handles.

We could be good here for higher prices and I’ll be interested to see the action in the days ahead.

We should see a strong Friday.

Let’s kick it off with the index charts and then some of the strong movers that we looked at this week.
SPY July 5, 2013

SPY should open nicely above the $162 breakout level if things hold overnight.

Nice action here that is looking for higher prices

There will be lots of nice setups come our way in the days and weeks ahead and it looks like it’s time to start increasing positions size but as always keep stops at cost until we see more of a trend emerge.

We are very early in a potential uptrend here.

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