S&P Moves Up Off Support

**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.**

“Real difficulties can be overcome; it is only the imaginary ones that are unconquerable.” –Theodore N. Vail

A quiet day as the indexes continue to consolidate.

Stocks were muted as well for the most part and that is still great action.

A few more weeks of quiet trading would be for the best and give us the best chance of a breakout higher, although with the weak earnings we’re seeing more and more of, we may have a hard time.

Time will tell.

I remain in an all cash position.

SPY May 3, 2016SPY has a low in place off the 205 level now and should hit 201 resistance this week.

I’m not sure if we breakout this week above 201 or if we need more time.

I’d like to see more consolidation but it’s not up to me.

I’m taking off this week, likely Wednesday, for a couple weeks so blog and letters will be sporadic.

I’ll trade from the road a bit if I see something compelling but I won’t be monitoring markets all day everyday but it sure is amazing what we can do from our phones these days.

Have a nice evening.


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