The Bounce Is Developing Nicely

**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.**

“Keep away from people who try to belittle your ambitions. Small people always do that, but the really great makes you feel that you, too, can become great.” – Mark Twain

Good action for stocks as we continue to look for higher prices into about mid-week if all goes well.

We’re back to neutral in terms of overbought and oversold so we have more to run in this bounce.

January 25, 2015SPY is breaking out nicely here with resistance levels overhead at 195, 197.50 then 200 and I’m looking at 197.50 and 200 as levels to lock in gains around mid-week I’m expected.

I’ve still got 10% into SPY at 185.77 and I’ll move stops up to the 189.70 and 188.80 areas now.

Enjoy the rest of your weekend and some great football today.

Warren

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