**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.**
“Seize the day, and put the least possible trust in tomorrow.” – Horace
Markets bounced today and ran into resistance.
Great action but I’ll give things a bit before I buy into the indexes.
I just need a little more proof, like heavier volume, for me to buy this bounce but as I’ve talked about a lot this summer, I really expect chop until the fall which means trades of a week or so in most cases.
I did buy some AMGN today but that’s all I’m holding for now.
TWTR reported tonight and was up large, but then it fell and is now off some 7%. Let’s see how the overnight goes but earnings moves remain very volatile and roller-coaster I’m not riding.
We may need a couple more days below 210 to push past that level.
Have a nice evening.