**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.**
“If you haven’t the strength to impose your own terms upon life, you must accept the terms it offers you.” T.S. Eliot
Futures gaped lower and remained so for the open
Markets were weak to open, then came back well before falling again.
Basically we are seeing chop again.
The low still looks to be in place but that can change.
I’m still quite heavy in stocks but those who hit my stops were sold today.
All my pick don’t always work and I’m generally not in the mood to see my stops taken out, especially in this market that is still a bit on the suspect side/cautiously bullish.
As long as we hold above 195 on a closing basis the low is in.
So, now we are building this range between 200 and 195 with 197.50 the pivot area to watch the behaviour.
That said, I won’t put up with stocks not working but this chart looks good as we continue to build a base that should see us good to go by November or a bit earlier.
Have a great evening.