SPY Has Found Resistance At The Top Level Of The Horizontal Channel
Warren Bevan | Apr 30, 2017 01:51AM ET
**These are my thoughts on the SPY (NYSE:SPY) ETF in my Daily Trade Ideas**
Let go of certainty. The opposite isn't uncertainty. It's openness, curiosity & willingness to embrace paradox. -Tony Schwartz
There are many earnings releases which are seeing the companies trade lower with some exceptions such as AMZN (NASDAQ:AMZN) and GOOGL (NASDAQ:GOOGL) showing very strong initial strength but they did close near their respective lows of the day which isn’t so hot.
With a few exceptions, I’m still mostly waiting for bases to continue to complete.
I am still on a bike trip and loving the choppy action since there isn’t a lot to do in the market, but lots of great road to ride around Tennessee, North Carolina, Georgia, Kentucky and the Virginias.
SPY has found resistance at the top level of the horizontal channel and should move lower, but I’ve been wrong before.
Until we breakout higher, or lower this range trade is easy pickings.
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