These are my thoughts on the SPY ETF in my Daily Trade Ideas which includes many, more charts and setups.
“If you can’t outplay them, outwork them.” ~Ben Hogan
Friday was pretty quiet after a strong Wednesday and Thursday and that is good but we’ve got higher to go and there shouldn’t be much more rest before we do.
Things are once again all clear for buying but the big question remains will breakouts be sharp and short as they have been or will they be more sustainable allowing us to hold winners for some time and much larger gains.
Earnings season does kick off today, Monday as well and that will bring lots of volatility and opportunity for us but we’ve all got be be paying very close attention.
SPY is looking great here and shouldn't see anymore downside than 203.80 so that is an area to look to get long.
There is some resistance at 207.50 still but this consolidation should be enough to power us past there and once again into new all-time highs.
Good stuff that is starting our 2015 off well.