**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.**
”Wall Street people learn nothing and forget everything.” Benjamin Graham
Another choppy day for the most part as stocks perhaps setup for a move higher after some consolidation and same goes for the markets.
The Nasdaq looks exceptional here with a cup and handle so let’s see how that plays out.
We do have some divergence so it’s not a guarantee that w move higher.
I’m seeing strength in the TLT, which is often bad for stocks, while the US dollar has been weak, until a potential reversal today, which is usually good for stocks.
A move above 212.50 is positive while a break below 211 is a negative move.
Stocks are not showing special strength by any means at the moment so I’m not heavy at all having just some AMZN and LNKD but QQQ has a great, positive looking chart, and if it breaks higher I’ll looking to get into stocks in a big way.
Enjoy your evening.