**These are my thoughts on the SPY ETF in my Daily Trade Ideas which includes many, many more charts and setups**
Whether you think you can or you think you can’t, you’re right. –Henry Ford
A stunning two day move for markets but that is what happens in corrections.
Counter-trend moves come hard and fast and last a couple or few days so we will soon see if a bottom is indeed in but for now I’m still not so sure.
Stocks ripped higher and we were lucky enough to take some nice profits day-trading this week and Friday.
Let’s take a look at the index charts to begin and then move into quite a few charts and try to identify the leaders who are or will lead us out of this correction.
SPY had two huge days in a row and the levels I gave worked well if you traded them.
Now we’re at resistance at $180.
We do have a nice U pattern in place here now and if we breakout above $180 it’s a buy with stops right at the buy point.
I’d like to see up to three days resting here before we breakout higher.
All that said, we are approaching the neutral line from very oversold levels and often the neutral line is a sell after the moves we just had.
I’m really not sure yet where we go from here and there is no need to rush into things yet until we get a little more clarity.
Enjoy the weekend and Monday.