SPY Thoughts July 31

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

Another day spent in ranges for the indexes but we saw some great moves in a few like FB and AZO broke above my buy point as well.

I ended up cashing out for really nice profits in FB today and it looks like that was a mistake so I’ll get into new buy points later on when we look at it’s chart.

We got a great short in the SPY today and I tweeted that buy out but it’s still only for day-trading as long as we remain stuck between $168 and $170.

For a bit today markets really moved lower quickly in advance of the Fed meetings Wednesday and that’s what scared me out of FB.

I doubt much new will come out in the meeting but it’s the action and reaction to the talk that matters most so we have to wait and see although we did get a tip today about a very important sector which should do well going forwards.

The way this sector moved today is telling me something very important about Fed policy.

Charts almost always tell the news before it comes, but I’ll touch on that later.

SPY July 31, 2013The SPY just can’t even get above the $169.15 or so area but it’s larger range remains $170 to $168.

I have no idea if we’ll break higher or lower but as I said last night, hanging out in the lower end of it’s range points to a resolution lower for now.

That said as the 21 day comes up it may push us higher.  That could be next week.

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