**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.**
“Until you cross the bridge of your insecurities, you can’t begin to explore your possibilities.” Tim Fargo
Markets were strong out of the gate today but stocks remained mixed and showing weakness and markets followed later on to end the day on a weak note.
This correction is taking some time to get traction and release to the downside so it may a bit longer than the last one, but let’s see how it goes and not predict too much, rather, react to the action.
As I’ve been saying here in this free section of my letter, markets were holding up well and masking the fact that most stocks have been setting up for a move lower.
We look to be very near to a nice drop now but I’ve been wrong many times before, and will be again, but I don’t think I’ll be wrong this time.
If we break this 205 area on volume then 195 is in play to fill the gap, so I remain short.
Enjoy your evening.