SPY Thoughts August 11

**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.**

“The stock market will always do whatever makes the greatest number of people look foolish.” – Unknown

Markets remain choppy and are setting up for lower prices still.

The IWM has been leading the QQQ and SPY and has the most defined bear flag which does point to lower prices shortly.

Let’s move right into the charts this weekend.

SPY August 11, 2014SPY is holding the 100 day but 194 will be resistance.

Until we break either way I’ll be a watcher and not trading.

Lots of high volume on down days tells me we’re still going lower.

Have a great Monday.

Warren

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