**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.**
“A person who never made a mistake never tried anything new.” Albert Einstein
A solid Friday that showed potential for a low being in now.
Thursdays action told me to get long some SPY so myself and real-time subscribers did and those call payed off very well having bought them at $0.50 an sold them in two tranches Friday at $1.55 and $1.68.
Not a bad quick trade, but not major either.
Let’s move right into the charts this weekend.
Sometimes late day buys are great once the daily bar is almost completed.
Many times we have done very well in short order on such trades.
SPY ran right into resistance at the 50 day as was expected and now we see.
Ideally, we will put in a small sideways channel here for 3 to 5 days and then break above the 50 and 21 day averages and then onto new all-time highs right on schedule with seasonality and on track for usual length of corrections.
Have a lovely weekend.