Investing.com - Financial Markets Worldwide

SPY Makes Run At 100 DMA

Published 08/22/2013, 10:57 AM
Updated 07/09/2023, 06:31 AM
GC
0.97%
SI
0.58%
**These were my thoughts on the SPY ETF to subscribers in my Daily Trade Ideas which includes many, many more charts and setups**

Another day of chop, even after the Fed minutes. We’re still not seeing much direction but what we do see points to lower prices for the S&P 500.

There really isn’t much to do here in my world as we wait for the next good setup.

Many stocks are failing breakouts as I mentioned is much more likely when markets are choppy. That’s why I advocate avoiding markets and stocks in any sort of size at all, or completely in this market.

In order to get a good setup we do need to see this choppy corrective action so all is not lost.

I suggest reviewing how we handled the July move and how I identified and traded some incredibly fast moving stocks.

I try to handle all moves like I did in July but it was an especially god one.

We’ve got to use this time preserving capital and enjoying life a bit. That’s why I work so hard when things are good.

Let’s take a look at the index charts, a few stocks and then end with gold and silver.

There may not be a report Thursday night if there isn’t much to say.
S&P 500 SPDRs
The SPY ETF is trying for the 100 day here and so far has shown us no bounce at all off oversold levels.

All we can do is let this action play out and see what setup comes.

We’re only halfway through this correction here but a low should be put in within the next week or two tops, unless of course my rough Elliot Wave analysis from Tuesday plays out and we start a much deeper correction.

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