Markets Falling Off Resistance Perfectly

**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.**

“That which does not kill us makes us stronger.”— Friedrich Nietzsche

A strong gap to open the day but it began to fade early so I shorted off resistance in the SPY and have a 10% short weighting from 198.60.

I have harped about not holding anything overnight for the past week or so but the action today told me to hang onto my short tonight so I did.

We will see if I’m right or not in the morning but I do have a good sized cushion here so chances are I’ll still book some sort of gain or at worst perhaps be out at cost.

I’ve posted these trades free on Twitter @iTraderz the past couple of days so if you’ve made money consider subscribing for more trades on stocks and I will be doing a new round of real-time trading next beginning next month where you get instant alerts to all my trades but more on that as it approaches.

SPY September 10, 2015SPY fell back off resistance perfectly and is now looking to break the 193 area which can also be shorted and then we may well move to find a new low before this correction is all said and done.

All in all, trading small and being able to be nimble remains key as we continue to not see much of a trend for another month or so most likely.

If it weren’t for rain coming I’d hop on the bike and do the awesome Cabot Trail for a couple days, maybe next week.

Have a great night.

Warren

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