**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.**
“Anyone who thinks the sky is the limit, has limited imagination.” Anonymous
A damaging day to many charts with biotech retracing some large moves but many are still holding up well and some are just breaking out now.
We should see strength return as the week rolls on.
We were quickly approaching overbought readings so this rest will bring that reading down so we can really run nicely to the upside later this week, perhaps Wednesday, the move will begin.
As long as we remain above 210 on a closing basis we should be fine.
Low volume rest days are fine as we got today.
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Have a great night.