**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.**
“What, if some day or night a demon were to steal after you into your loneliest loneliness and say to you: ‘This life as you now live it and have lived it, you will have to live once more and innumerable times more’ … Would you not throw yourself down and gnash your teeth and curse the demon who spoke thus? Or have you once experienced a tremendous moment when you would have answered him: ‘You are a god and never have I heard anything more divine.” – Freidrich Nietzsche
Take a second to read that quote again and really process it.
A weak Friday as markets setup for more downside.
I mentioned that the IWM looked great but was not being confirmed by the QQQ and SPY last week so that made things suspect and sure enough IWM is now showing cracks although it closed much better than it looked like it would Friday which is positive but there are cracks and they only grow.
We may see the low later this week but I’ve just got to see how things play out and remain ready to pounce.
Our shopping list isn’t that long really which is nice and we will be piling into the best acting stocks as soon as I spot a low as well as trading the bounce for short large gains over a couple or few days.
I’d been looking for a quick test of the 100 day but it looks like we need to fill the gap back to 202.50 and then we see whether that will do it or if we need to test the 200 day average around 200.