Markets Crack, But Not Crash

**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.**

“Be miserable. Or motivate yourself. Whatever has to be done, it’s always your choice.” –Wayne Dyer

Weakness kicked off Friday and going to cash looks to have been the most prudent action on my part as we consolidate some.

I’ll be ready to move into longs most likely in the weeks ahead as we hold support levels and setup for a nice move higher to continue the ongoing bull market, however, if we see real weakness, I’ll have no choice but to get short stocks.

SPY May 2, 2016A heavy break on high volume in SPY Friday but so far we’re holding the 205 support level.

If 205 can’t hold then we move below to the 202.50 support level.

Time will tell but I’m trying to treat this as a shallow consolidation until I’m told otherwise.

Enjoy your weekend.


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