**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.**
“Avoid problems, and you’ll never be the one who overcame them.” Richard Bach
This Wednesday was pretty quiet for the most past until the Fed news came out that chances are most likely we will not see a rate increase in June and then stocks and markets began to really move well until falling late in the day.
We’re still looking great although we still are not seeing the large volume increases I’d prefer to see but that can change anytime.
I remain very heavy into stocks and would like it to remain that way but if we do reverse I will be out very quickly.
SPY looks to be building a nice bull flag here which could be just a little consolidation while the Nasdaq and Russell catch up and then perhaps we can see all three markets breakout on strong volume but that is just a perfect scenario and I do not predict, I react so let’s just see what plays out.
Enjoy your evening.