Chop Chopped The Legs From Under This Market

**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.**

“A dream becomes a goal when action is taken toward its achievement.”  Bo Bennet

We saw lots of chop once again until the weakness took hold in the afternoon but SPY is still holding critical support for now but that may not last long.

I suggested the IWM was leading us lower last night and it has, but it now sits at the 100 day moving average support area and we are approaching oversold territory all of a sudden as well.

I picked up a little BIB late in the day but I’m certainly not ready to get heavy yet, but we can see some great bounce play anytime now.

SPY May 1, 2015SPY is still holding the lower end of this large triangle for now.

206 is the next major support area to watch for if we break below this 50 day average with some force.

Volume is high which tells me there is some conviction behind this move.

Have a great night, Friday and weekend and don’t bother with this junky market for the most part.

Warren

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