These are my thoughts on the SPY ETF
“Courage doesn’t always roar. Sometimes courage is the quiet voice at the end of the day saying, ‘I will try again tomorrow.’” (Mary Anne Radmacher)
Yesterday, was a strong day with still no real sign that a bottom is in. I was looking for a sharp and quick correction but this one is taking its time to play out suggesting it may be a bit more prolonged than I’d originally thought.
That said, the (ARCA:IWM) does look to have a low in but (NASDAQ:QQQ) and (ARCA:SPY) are not confirming this so it’s a toss up for now.
I don’t trade everyday and I did nothing yesterday but watch and get a feel for things and they are still exhibiting weakness, not being able to cross resistance levels as they would if a low were in place.
Of course, I may well be wrong, and if so, I will react. Predicting is for fools, reacting is the only sustainable way to survive the great stock market game.
207.50 is resistance for SPY and we do have to get above there and the 21 day as well at 208.17 on a closing basis in order for me to call a bottom.
I may be wrong but I was looking for a bit more on the downside but again, all I can do is what the market tells me to do.