SPY Thoughts March 5

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

“A nickel ain’t worth a dime anymore.”  Yogi Berra

With the Ukraine situation seemingly resolved futures were up large in the pre-market and it looked like it was going to be an amazing day.

I went to my go to leading stocks and did so right at the open instead of waiting for the usual half hour before considering anything but we just never got moving for the most part although the S&P did continue higher well enough.

This market just remains strong and any dips should be bought still.

We seem to be ready for this next run higher right away now rather than seeing a bit of a pullback a it appeared was coming Monday.

That said though, we do need the leading stocks to get moving here or we will consolidate longer.

Gold gave back most of its gains as the threat of turmoil has diminished for now.

Let’s begin with the SPY ETF chart.

SPY March 5, 2014I guess we can ignore the Monday bar since it was news drive and now we are back into new highs on heavy volume BUT we are at the top of this uptrend channel which means we could see upside limited in most cases.

This channel is not that steep and these often tend to move into a steeper channel when they are at this angle so let’s just see what plays out.

I’d not worry about a real pullback unless we break $186 for now.

I am in this ETF from near the open Tuesday.

Have a nice Wednesday.

Warren

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