**These are my thoughts on the SPY ETF in my Daily Trade Ideas which includes many, many more charts and setups. Subscribe to my nightly Daily Trade Ideas on the right to see the rest of this letter.**
“Anyone who lives within their means suffers from a lack of imagination.” – Oscar Wilde
As fun as it is to get away to a big city for a few days, it’s nice to be back home. I didn’t miss much with summer in full swing and markets quite quiet but we are seeing a few good reactions to earnings with CMG BIDU FB and a few others so far and now TWTR tonight.
The S&P is still just hovering just below the important 2,000 level.
This consolidation could continue for another couple months and that would form a great bases that is needed to move above 2,000.
Looks like we won’t have too much to do still for a while but we can trade some good acting leading stocks using smaller position sizes.
Every-time I travel it’s nice to come back to the charts after a few days since it is like looking at them with fresh eyes so let’s take a look and see if there are any moves or patterns that are looking good.
I’d look for a break lower out of this triangle, not a huge correction, just more sideways chop.
Enjoy the summer while we can and while markets are quiet.
Have a wonderful summer evening.