Back Home In The Range

**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.**

“Only those who will risk going too far can possibly find out how far one can go.”  T.S. Elliot

Another day trapped in the same old range and I did nothing in terms of trading once again.

We are getting closer to a resolution most likely above this pattern and I do have a few buys identified and ready to go later this week I am guessing.

I’m seeing stocks begin to form better patterns now after a few weeks of basing out and forming patterns.

Things take time, and the waiting for the right setups is not that easy but it is very rewarding if you can do it.

SPY May 12, 2015SPY fell back from 212 and is now under 211 so back into the old triangle.

This pattern is getting tighter by the day and should break higher but nothing is ever for sure so I still wait and see.

Have a wonderful evening.

Warren

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