Likely More Selling To Come

**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.**

“To be a good trader, you need to trade with your eyes open, recognize real trends and turns, and not waste time or energy on regrets and wishful thinking.” Alexander Elder

A decent comeback after major weakness Wednesday.

Dips have been bought and this one seems to be no exception, but charts have been hit and may need time.

To me, it looks like markets need more time than one day to refresh before we move higher, so I do expect this dip to not be bought as strongly as we have seen the odd time we see a down day.

SPY came back pretty well but I need to see it move above 238 before I am convinced this very sharp, strong, dip on heavy selling was a one day wonder.

I just can’t see that type of selling lasting only 1 single day.

Time will tell, likely tomorrow, since we move so quickly when we do move.

Enjoy your evening.


SPY Thoughts April 25th

“SPY had a doji bar yesterday and then Thursday put in a topping bar.  It can be shorted here now as long as it doesn’t gap down too much Friday morning and I’d use today’s close at $158.52 as my stops, actually a few pennies above.”

These were my thoughts to subscribers regarding the SPY ETF last night, Thursday April 26th.

Have a great weekend.