Another Solid Rest Day

**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.**

“Trade what you see not what you think.”  Unknown

Another rest day for markets and many stocks.

There isn’t much to say other than things remain looking good and our recent overbought condition is totally gone now meaning we can resume the move higher at any time.

SPY November 18, 2014SPY is still acting great here and consolidating in a high level flag that should resolve to the upside now by Wednesday.

Good stuff if it works and I don’t see why it won’t, although stocks aren’t showing me great patterns at the moment.

Not that stocks are bearish, they are just a bit sloppy at this time.

Have a nice night as we wait for new buy points to emerge.


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