**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 game is my wife. It demands loyalty and responsibility, and it gives me back fulfillment and peace.” Michael Jordan
We’re pulling back a bit now right on schedule after a big rally off, what is so far, lows.
We should see some nice buys develop in a couple or few days and all we have to do is wait for it.
A move back to 192 is about guaranteed and a gap fill to the 190 area is quite likely and a great area to get a trade going as things stand now.
Of course if things worsen and the 190 area can’t hold then we are in for much more downside but I don’t think that scenario will play out, but we must be ready and accept it if it does.
A little more patience and then we can start to reap our rewards.