**These were my thoughts on the SPY ETF to subscribers in my Daily Trade Ideas which includes many, many more charts and setups**
”Nothing wins more often than superior preparation. Genius is usually preparation.” Kekich’s Credo
I had a few things that took my attention last night so I am just getting to this update early this morning.
The good news is stops were triggered in some cases and we need to see how markets digest the next few days here with the debt ceiling talk finally catching up to things so there isn’t much new to look for, rather managing existing positions is the focus.
Everything has been so strong in the face of a government shutdown and the debt ceiling and it does shock me that it’s affecting things now. Nothing has really changed but it is what it is and we have to mind our stops accordingly.
Let’s begin with the index charts.
The SPY fell hard before rebounding in the afternoon.
It’s sloppy action and volume was strongest on moves lower. Not great action at all.
We really need a few days to see where this move is going as we aren’t breaking down yet but a move under the 50 day at $167.51 would not be great and could be shorted.
The QQQ and IWM had been looking great but reversals can and did come quickly so let’s take a look at those index charts.
Have a great Friday and weekend.