**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.**
“Courage is the first of human qualities because it is the quality which guarantees all others.” – Winston Churchill
I’m seeing a lot of leaders either breaking out or setting up to do so very soon while some of the smaller more speculative stocks, who move very fast, are putting in very nice bases and giving us initial buy points.
The gist of it is, stocks look great with many having solid lows in and leaders leading and looking for higher.
It’s a recipe for a strong market just in time for a nice Satan Clause rally!
So now we see how it acts between 210 and 215.50 where we have resistance.
We will either consolidate a bit and breakout, or see another correction and a move and close back under 210 would trigger the correction.
By all metrics, we should breakout higher but only time will tell.
Even when everything lines up, it still doesn’t make it 100% reliable.
Have a great night.