No Profit Taking

**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.**

“What seems to us as bitter trials are often blessings in disguise.” –Oscar Wilde

We didn’t see much profit taking Friday into the close which is a bit odd since we remain so overbought but selling just has not taken hold yet.

We have to consolidate or correct at some point.

SPY March 7, 2015SPY is at resistance but not yet correcting.

The next resistance area is the gap fill near 205 but I’d prefer to see us consolidate and reduce the overbought reading first.

Time will tell.

I hope you enjoyed your weekend.

Warren

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