**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.**
“Luck is a dividend of sweat. The more you sweat, the luckier you get.” – Ray Kroc
We saw a bit of weakness today with over 300 new lows and only about 90 new highs so that says a ton.
Charts are quite sloppy right now but I did try some NFLX and FB today and reduced into the close so let’s see if those stocks let me hold on for a few days or not.
Several leading stocks aren’t looking so hot anymore so this market may be tricky for a while yet.
Basically we’re in no mans land for now.
Caution is warranted and we remain quite oversold where large bounces usually begin but we are not really bouncing yet.
A move above 207.50 would be very positive and if all goes well, that will be the way we move.
Have a great evening.