Stopped At Resistance

**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.**

“I knew a man who gave up smoking, drinking, sex & rich food. He was healthy right up to the time he killed himself.”  Johnny Carson

A decent bounce today for markets off crucial support levels while stocks couldn’t get much going on the upside.

We remain poised for a deeper correction that is taking its time getting going and that tells me it may be a bit of a stronger correction than the one we saw mid-November.

SPY December 11, 2015SPY moved up strongly today but stalled at the 21 day average and ended the day on a weak note on heavy volume which tells me this market is weak and most likely going to break lower.

So, I remain in my short positions and that’s that.

Have a great night and Friday.


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