**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.
“Men of action are favored by the goddess of good luck.” – Richest Man in Babylon
We’re still seeing lots of choppy action and with AAPL down a bit tonight we may see that continue until later in the week when we see some more big players report numbers.
We’ve got more heavy hitters like AMZN CMG V MA and GOOGL reporting this week as well as many more so good number should take use higher, of course, the opposite is also true, so we wait and see.
Miners are doing well though, and although I did stop out of my GDX NUGT and SLW positions Monday at cost I got a new buy signal later in the day so I was back in, and remain in after todays solid action.
SPY has a lot going on including the very bearish large head and shoulders pattern.
Until we either move above 216, or move under the 213.50 area there won’t be much to talk about in terms of this chart.
Have a nice night.
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We’re lucky enough to have bagged another winner recently. CMG
Subscribers were alerted a few days prior to the breakout to keep an eye on the descending trend-line and that the breakout/buy point was the $270 area.
We were in right away and now we’re up about $20 from there in about a week. That’s a good bonus when using options.
Now that we are at the 100 day moving average I’m watching the action for any signs of weakness.
So far it’s looking good as it’s slicing through the 100 day.
A couple new buy points are being triggered today and once again, my subscribers are winning.