S&P 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.**

“The journey of a thousand miles begins with one step.”  Lao Tzu

A strong day for markets with the S&P gapping up on the open.

Leading stocks are also moving well out of great bases, namely AMZN, but I did not chase the gap.

If these types of breakouts are for real we will have plenty of dip buy areas to get in so I’m looking for those, likely next week once traders return in full.

SPY December 30, 2015A good day for SPY but we’re at 207.50 resistance now so let’s see if we move lower or hug this area and setup for a nice breakout into the new year next week.

Have a wonderful evening.


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