Markets Are Mixed So Cash Remains Best

**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.**

“Great things are not done by impulse, but by a series of small things brought together.”  Vincent Van Gogh

Weakness settled in once again today early and stuck around for most of the day.

I did nothing at all in terms of trading today once again but we are oversold so a bounce should come while the large triangle pattern remains.

SPY May 6, 2015It’s no real surprise to see SPY close back in the large triangle pattern and chances are we will move back to the 211 area over the next day or two, although the action has been very weak and is very conducive to a break lower but that just hasn’t happened over the past few years so why would it start now?

Anyhow, you could trade this chop but I’m not as of yet, but I may Thursday if we do see a bit more of a bounce.

Have a wonderful evening.


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