**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.**
“Be the silence that listens.” Tara BrachSome
Weakness was swift and really came out of nowhere, but it’s fine.
Cash remains a great place to be for the most part as we are most likely to get a major low sometime in October, giving us some time to enjoy life before trading really picks up again.
It is so, so, so important to learn to be able to sit, and wait for the easy setup, and near for sure signal, before getting into stocks heavily.
SPY broke below 246 with a vengeance and filled the gap at 242.50.
I’m looking for a quickly move up to the 246 area before another swoon possibly down to 238.
Moves are very fast so trading must be as well.
Be careful until we get more clarity.
Let’s make weekends great again!
**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.**
“Knowledge is power.” Francis Bacon
Markets ended the week with lots of chop so my cash call early in the week was the right thing to do.
Overnight gaps are back for now and I do not play that guessing game.
I took a couple days on the bike and did a tour and I may be able to do another one with the generally weak September here and markets still looking to find lows and build out there pattern for a nice end of the year run.
We will make this a great year but I have to continue to mostly wait until the time is right and then we should be able to grab some great gains very quickly.
Waiting is part of the game and understanding and accepting that is key.
This action and pattern points to lower prices for SPY right away and the 192.50 level can be shorted.
We may need to look to 180 for a new low level now.
If the weather remains nice I may not trade on the short-side but time will tell.
Patience and enjoy some rest time before we really have to dive deep and focus soon enough.
I hope you enjoyed your long weekend.