**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.**
“Absorb what is useful, Discard what is not, Add what is uniquely your own.” Bruce Lee
Stocks are acting great and I remain heavy into stocks but volume in the indexes is nothing special yet, even in the S&P as it breaks into new high ground.
We’ve seen this low volume type of breakout before and sometimes it can work for a time and other times, not at all.
I’m ready to exit stocks quickly if these breakouts fail once again as we’ve seen many times over the past year or more.
One of these days we will get a major breakout on heavy volume but this slow grind higher and chop is helping to build the longer-term weekly and monthly charts well, which will allow our current bull market to run long.
As long as it remains above the 212 area we are fine but it may roll over unless the QQQ and IWM can catch up quickly and then we see all 3 indexes move with strong volume increases.
Time will tell.
Enjoy your evening.