**These were my thoughts on the SPY ETF to subscribers in my Daily Trade Ideas which includes many, many more charts and setups**
“The question isn’t who is going to let me; it’s who is going to stop me.” – Ayn Rand
Another day showing me weakness in the markets and many stocks although charts are looking better to me tonight than in the past week or so.
Breakouts remain very prone to failure in this market for the moment.
FB held up much better than it’s chart suggested it would Tuesday and TSLA continues to move well along with BIDU.
Finding the strongest stocks who hold up well in a correcting market is so important going forward since they will lead the next move higher.
We saw gold and silver pop hard on government shutdown fears but that is crazy in my books. There is no way it will happen, but as usual it will be pushed to the 11th hour and a big deal will be made of not much.
I avoid watching most business shows and reading most media so my mind is clear and my chart reading is not biased.
There are some stocks setting up nice bases here and they could work well in the days ahead so let’s check into the index charts to start as always before I get into those.
The SPY ETF has an upside down U pattern here which points to lower prices.
If we break this uptrend line at the $168.90 area then a move to $166 is quite likely.
I’m not short yet but I will be on a move under the uptrend line.
We’ve consolidated here and are ready to drop.
Solid volume on this weakness points to more of the same.