**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.**
“Every truth passes through three stages before it is recognized. In the first, it is ridiculed. In the second, it is opposed. In the third, it is regarded as self evident.” – Arthur Schopenhauer
A solid follow-through day for markets and leading stocks picked up well today also.
I’ve not seen a ton of buy points recently but those who were setup for a breakout that we bought are moving very nicely like BIDU FB and NFLX.
Until we see the S&P breakout into new highs on heavy volume, this will remain a traders market so I’m swing trading with the exception of BIB which let me hold on during this correction and I’d love to hold it for a longer-term trade.
Tuesday’s outside reversal bar saw follow-through today and that is fantastic to see and
I’m back into stocks quite heavily but in only a few leading names this time rather than ten or so stocks which is much harder to keep track of.
Oversold readings are back near neutral but these bounces usually run further so we should have a couple or few more days before we see consolidation or another small correction.
Resistance remains above at 210 and 112.50.
Enjoy your evening.