**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.**
“Develop success from failures. Discouragement and failure are two of the surest stepping stones to success.” — Dale Carnegie
Another strong start to the day as this potential bounce takes shape but then we faded, then rallied into the close.
The close is the most important print of the day so it wasn’t a bad day in the end.
I am still watching very closely though since the action has been a bit mixed.
We’ve become accustomed to sharp hard rallies off lows and we aren’t seeing that so far this time.
So, on that theme, if we don’t soon see a strong bounce then chances are we will just chop sideways to work off this very oversold condition and I will be exiting my long positions since that type of move will just be a setup for a next leg lower.
So, I watch and react still when I see the need but for now, I remain long.
I’ve still got a 10% weighting from 194.60 in the SPY ETF.
Have a great night.