**These are my thoughts on the SPY (NYSE:SPY) ETF in my Daily Trade Ideas which includes many, many more charts and setups.**
The true soldier fights not because he hates what is in front of him, but because he loves what is behind him. -G.K. Chesterton
We continue to see weakness and that’s fine.
The market has been nice and steadily moving higher since early December so a nice break is due, and fine, and will just keep this bull market intact.
When we do see a move straight up and see stocks making extreme moves we will know the end of the bull market is in sight but that day is not today.
SPY is looking to break this small bear flag and could use a refreshing move down to the 226 support area where the 100 day average just so happens to sit.
Let’s see how it goes, but a weak close Friday turned the weekly chart bearish.
Cash remains my preference with a couple shorts and maybe a few more set to pop up.