**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.**
“Failure is the condiment that gives success its flavor.” — Truman Capote
SPY tried to breakdown today but so far can’t.
Things still do look weak and I do have a small short position but that’s it.
My trading platform had some serious issues this am but it was resolved a couple hours into the day but that is never fun to go through.
I had no positions on so it wasn’t so bad in the end but it is very frustrating to deal with and worrying for when I do have heavy positions.
There are only a few days left to get into my real-time trading group and space is now limited so don’t delay.
You can find out more at www.wizzentrading.com
A move above the 202.50 pivot area may delay for a few days or all-together
I shorted SPY with the 200 weekly Puts, 10 at 2.11 and I’m underwater for now and I should have stopped out but it is such a small position I decided to let it ride overnight considering the morning gaps we’ve now become accustomed to.
Strong finishes have seen many lower openings so perhaps we will see that take place Tuesday.
That said, it is a positive sign if markets can’t break so I’m ready to be trading on the long side as well.
Enjoy your evening.