**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 one who devotes himself to a cause with his whole strength and soul can be a true master. For this reason mastery demands all of a person.” Albert Einstein
We started with a large gap higher to begin this week so congrats if you guessed at this move and guessed right.
The market charts remain bearish so locking in gains quickly remains key if you are playing this game of Russian roulette.
I’m all cash but I did take a 10% weighting SPY trade from 196.25 today and I locked in half my gains at 197.20 and the other half near the close at 197.55 and I did post that on twitter so please do follow me there @iTraderz.
I’d expect a move lower now off the upper level of this bear wedge at 197.50 and I’d honestly be surprised if we don’t see a large gap lower overnight tonight but I’m not willing to bet on it.
Many stocks are showing that they are almost set to put in another low and then we can begin to build out the right side of their bases as we do remain on track to see normal
Seasonal strength through November into years end.
Have a great evening.