**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.**
“The first and the best victory is to conquer self.” – Plato
Well that wasn’t too fun a day, but not too bad either if you cashed out, as I did.
Unless you are shorting stocks, it’s times like these that you should take off and enjoy some life and spend some of the money we’ve just made.
Sadly, this is about a month early for my next planned trip on the bike.
I did take a short in ALGN today and I may try a few more.
GS and several other leaders are saying we need a nice long consolidation now, likely 6 to 8 weeks.
Notice, I say consolidation, not correction or bear market.
Seeing the S&P pullback 5% or so and forming a new pattern would be ideal and is very likely as we remain a ways off from the blowoff top in this bull market in my view.
It’s all good though.
Let’s see where we find support but this may be a nice break in the strong bull market we’re in the midst of.
I’d look for a spike to the 100 day average at 225 or so as a potential low, but it doesn’t matter what I “think”.
I’ll be watching and looking for signs of lows and that’s all I can really do.
See the rest of this letter and get a few potential short positions that may hit.
Enjoy your evening.