Nearing Resistance And Overbought Readings

**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.**

“Carpe diem! Rejoice while you are alive; enjoy the day; live life to the fullest; make the most of what you have. It is later than you think.”  Horace

My apologies for not getting back on Tuesday as I’d planned.

My quick ride around the Cabot Trail took much longer after my engine blew up but I’m home now and markets and stocks are acting well.

That said, a little consolidation would be great here before we perhaps move higher again.

I’m all cash and catching up to things and reviewing stocks and I’d like to get into a few stocks very soon, once they breakout of bases.

SPY July 17, 2015SPY is near resistance now so I’d be looking to lock in gains here and in most stocks who’ve had a nice run the past few days as we approach an overbought condition.

I’ll be looking to buy some stocks in the days ahead if SPY can consolidate up near 212 but if we begin to roll over then all cash is the place to be until we find support again.

Have a great evening.


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