**These were my thoughts on the SPY ETF to subscribers in my Daily Trade Ideas which includes many, many more charts and setups**
I’m not really liking what I’m seeing here in markets since last Thursday’s move lower.
Many stocks are churning here which means selling is taking place but a drop is yet to come.
It looks like it will come soon unfortunately.
Mind your stops and don’t be greedy.
Taking gains early is even a good idea if you are seeing strong down volume in intra-day charts.
Be very careful here and have no qualms about raising cash.
Let’s look into the charts now with a big time focus on locking in gains, not so much taking on new positions and I’ll talk about why markets are now looking weaker.
As I’ve talked about here the SPY has been looking weak while the QQQ and IWM looked much better.
I’m not so sure now.
It looks like we are putting in a top here with all three markets but we could see chopping around here for another week before a drop does come if indeed it does.
In this business you’ve got to be able to identify changes in the market quickly and act accordingly.
You cannot be stuck in your ways or stuck to a certain outcome and succeed in the long run.
I’m now short here now with a move under the 50 day at $167.50 into the close on volume as I talked about would be my short level.
$164 is the area I’m watching for support now.
Enjoy your evening and be very careful here.