Just Consolidating

**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.**

“Set your mind on a definite goal and observe how quickly the world stands aside to let you pass.”  Napoleon Hill

One sign that is tell tale of a bull market is strong closes.

We’ve been seeing lots of chop and weak action early in the day followed by late-day strength.

Markets continue to consolidate and stocks are moving or setting up well for the next leg higher by the looks of things with the exception of mining stocks who are probing for lows now.

Septembers can tend to be weak, along with Octobers, but just because that is the norm does not mean it’s set in stone.

September 1, 2016SPY is still holding this 217.50 area ad consolidating nicely but I’d like to see a breakout higher soon.

All in all, stocks still sit with a bullish posture.

I’ve got a 10% weighting from 202 still with and eye on 217.50 for a stop area.

Have a great night.


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