**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.**
“If you’re going through hell, keep going.” — Winston Churchill
Somedays nothing works and that was today.
We took losses in our 2 small day-trades and that is never fun, but it happens.
Markets and stocks remain tricky and are giving me some grief but that’s why I’m playing small if at all until the new trend emerges.
Don’t forget, there are only a few days and limited spots available for this next round of real-time trading and you can find out more at www.wizzentrading.com
I’m just not feeling confident in my trading at the moment so I won’t trade much or do so small until confidence returns.
Sometimes knowing yourself and your tendencies and recognizing them is very important.
Anyhow, I won’t be surprised to see a gap lower tomorrow but I am not taking a gamble on it.
Most stocks just still need time to complete bases and patterns.
So, back to the SPY chart.
Many times it takes 3 rimes to break a level and we are trying to break higher here now so if it doesn’t work now then the chances of us moving back to the 198 area and breaking the head and shoulders pattern and taking us to 190 are greatly increased.
TLT is also at an inflection point and it is inversely correlated to the markets.
We should know the next direction Friday, or Monday at the latest.
Have a nice night.