Aaaaaaaaaand, Chop!

**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.**

“Establishing goals is all right if you don’t let them deprive you of interesting detours.”  Doug Larson

And down we go.

Nothing but more and more choppy action that usually does lead to downside but until we do break lower, chop will remain.

I’ve been in cash and remain in cash and that’s that until trend rears its head.

SPY May 6, 2015SPY could just never get any real traction higher with any volume as I’ve been talking about and it fell hard today on decent volume.

We still do remain in this large triangle pattern I’ve shown here daily for quite some time now but hopefully, this pattern will break soon since it’s getting tight and has to do something relatively soon.

Have a great night.

Warren

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