**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.**
“Do not follow where the path may lead. Go, instead, where there is no path and leave a trail.” — Ralph Waldo Emerson
A pretty quiet day all in all after some large moves last week.
Nothing goes straight up everyday unless it’s the blow-off top which is not yet.
I didn’t do anything today except let my positions run and we should be ready for more upside anytime now.
Now, with this big blizzard hitting I’m not sure how markets will behave.
Likely much lower volume to come can mean stocks can be pushed around with much less cash.
Depending on power outages or whatnot I have no idea what will come tomorrow.
Hopefully power will stay on and the day will be just another day but the storm does look nasty.
If you don’t hear from me tomorrow, my power is out and my battery backup gone.
This U pattern is ideal.
Keep it simple with things looking great.
I’d like to see SPY bust a move above the 206.30 area which is a buy point.
Enjoy your evening and stay safe if you’re on the east cost.