8 Week SPY Channel Is Golden

Published 09/08/2016, 12:30 AM
Updated 07/09/2023, 06:31 AM
SPY
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ACIA
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“Because a thing seems difficult for you, do not think it impossible for anyone to accomplish.” ~ Marcus Aurelius

This holiday-shortened week has started off on a very strong note and I like it!

Acacia Communications (NASDAQ:ACIA) continue to be strong, the FANG stocks like Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL), Facebook (NASDAQ:FB) and Netflix (NASDAQ:NFLX) are into new highs or near it as well as many other recent setups moving out of their bases and past buy points.

Precious metals have made the turn as well as their accompanying mining stocks and recent buy levels for members are making them a bundle in a hurry.

SPY Daily

SPY (NYSE:SPY) looks very near a breakout of this 8 plus week channel.

The breakout level is new highs at 219.61.

I’ve still got a 10% weighting from 202 with an eye on the 217.50 area for my stop on a closing basis.

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