**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.**
“A year from now you may wish you had started today.” ~Karen Lamb
Another day with a huge range of some 40 handles in the S&P.
I talked in this letter last night about oil having a doji bar which often signals a trend change and we did confirm this today.
Of course, it can fail, but it does look like a low is in for oil on an at least a temporary basis. We should see 65 before we have to reassess.
I did get long one oil stock today so we will see how it goes.
Markets and many stocks remain wide and sloppy and not really showing a low, but they are close.
Usually wide and loose action points to lower prices.
It is not the V bottom I was looking for, but it may come if we can’t breakout here and now.
A move above this 202 level would be a buy signal no matter how sloppy things have been.
I’d rather see a spike low but it isn’t up to me.
I didn’t do a lot of buying today which tells you that I’m just not sure yet.
Let’s just see how it goes Thursday.
Have a nice evening.