SPY: Has A Small Flag, Ready To Breakout Higher
Warren Bevan | Jan 27, 2015 01:40AM ET
These are my thoughts on the SPY ETF in my Daily Trade Ideas.h3
“Do not follow where the path may lead. Go, instead, where there is no path and leave a trail.” — Ralph Waldo Emerson
/h3
Yesterday was a pretty quiet day all in all after some large moves last week.
Nothing goes straight up everyday unless it’s the blow-off top which it is not yet. I didn’t do anything yesterday except let my positions run and we should be ready for more upside anytime now. Now, with this big blizzard hitting I’m not sure how markets will behave.
Likely much lower volume to come can mean stocks can be pushed around with much less cash. Depending on power outages or what not I have no idea what will come today.
Hopefully power will stay on and the day will be just another day but the storm does look nasty. If you don’t hear from me tomorrow, my power is out and my battery backup gone.
(ARCA:SPY) looks super here with a small flag that is ready to breakout higher. This U pattern is ideal. Keep it simple with things looking great. I’d like to see SPY bust a move above the 206.30 area which is a buy point.
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