**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 Trade Ideas to see the rest of this letter.**
“Lack of direction, not lack of time, is the problem. We all have 24-hour days.” – Zig Ziglar
More solid action from stocks and markets with no sign of a correction that I can spot.
Strong closes are important in bull markets and that’s what I continue to see.
Basing and setting up for moves higher is key, and takes time.
We can’t rise every single day and that’s that.
Gold tried to breakout today but moved back below the breakout area which tells me it needs more time.
Often gold does well a couple or few days after Fed speak but then fails.
Nothing wrong with this SPY chart who’s tested and held the breakout level which coincides with the 21 day average.
Looks good to me for more strength shortly.
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Enjoy your evening.
**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 don’t have to have great ideas if you hear great ideas.” – Eugene Schwartz
There isn’t much to say as stocks continue to chop around on mixed earnings.
We’re seeing lots of failed breakout moves and some stocks are also nearing key support levels such as ACIA who has filled it’s massive gap from last earnings season.
I’m all cash and in wait and see mode but stocks such as ACIA may well setup for us over the next few weeks and as always, having the patience to wait for proper setups will pay, eventually.
SPY looks to be breaking this large head and shoulders top.
Next support level is 210 if we do break lower.
Have a spooky weekend!
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