**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.**
“Buy on the cannons, sell on the trumpets.” Old French Proverb
Lots of chop today this Monday that saw overnight futures down, then up, and once market opened they continued higher before falling, then rising again to end the day up nicely.
The large wedge patterns remain in place and do point to lower prices anytime now.
I’m still in wait and see mode but I will take some trades if I see them come up but patience remains my moto.
I’m looking at 195.20 as the short entry point now and I’d love to see a nice washout and give us a new low over the next couple weeks before we setup for strength into years end.
Have a nice night.