$SPY Normal Pullback?
Diupdate
I am posting the 
SPY chart as many of the trade ideas I have posted over the last few weeks have not worked out well. This chart tells the story. The market has been choppy. While it is my belief that this is a normal pullback in a stronger secular trend, as a trader, I need to simply trade the chart in front of me and right now the market is fading. Many high growth stocks (the ones I concentrate on) have seen outsized declines as compared to the SPY, SPX. The 
QQQ is similar.
I have made some notations on the chart that show what I am seeing. The biggest thing I notice is the decline in volume as this market pulls back. That tells me that there is no big rush for the door. That said, I would not be surprised to see this pullback to the 50 DMA which also aligns with the initial break-out area. Above that, there is an area that may see support and turn back up. It is all TBD.
In summation, it is time to simply observe the market and individual stocks. Those stocks that are holding up well may be the new leaders. Some of the existing leaders may pullback and set-up for great entries. All TBD. Patience is key until you see the market turn higher.
I welcome any feedback or comments. Thanks for taking the time to check this out.
SPY chart as many of the trade ideas I have posted over the last few weeks have not worked out well. This chart tells the story. The market has been choppy. While it is my belief that this is a normal pullback in a stronger secular trend, as a trader, I need to simply trade the chart in front of me and right now the market is fading. Many high growth stocks (the ones I concentrate on) have seen outsized declines as compared to the SPY, SPX. The QQQ is similar.I have made some notations on the chart that show what I am seeing. The biggest thing I notice is the decline in volume as this market pulls back. That tells me that there is no big rush for the door. That said, I would not be surprised to see this pullback to the 50 DMA which also aligns with the initial break-out area. Above that, there is an area that may see support and turn back up. It is all TBD.
In summation, it is time to simply observe the market and individual stocks. Those stocks that are holding up well may be the new leaders. Some of the existing leaders may pullback and set-up for great entries. All TBD. Patience is key until you see the market turn higher.
I welcome any feedback or comments. Thanks for taking the time to check this out.
Catatan
SPY Boy was I wrong on this one. Now new all time highs. ( I am long SPY in my long term account and have been for some time.)
Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
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