Oversold But Acting Very Weak

**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.**

“You can never get momentum if you never get moving. If anything is going to stop you, don’t let it be the start.” – Martin Rooney

So the Fed didn’t change rates, with a unanimous vote, and that was to be expected with a Brexit seemingly more and more imminent.

All the talk and rhetoric was for naught in the end and markets remain choppy.

We’re very oversold right here so I am cautious taking any positions home overnight.

I’ve not done much this week other than a few day-trades for a some small gains and a few out at cost but nothing to write home about, just something to do these cloudy rainy gloomy days as stocks continue to chop around.

SPY June 16, 2016SPY looked like it may have a little low we could swing trade off of as it held the 50 day but the weakness into the close makes that a suspicious assumption now.

I really don’t know what to do with a bounce needed, but action very poor, so I do not much or nothing at all.

Have a nice evening.

Warren

One thought on “Oversold But Acting Very Weak

  1. #Gold it’s not about short term moves due to Fed non news. It will be testing $1400 in the near term., which takes it to the first Fib level

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