**These are my thoughts on the SPDR S&P 500 (ARCA:SPY) ETF in my Daily Trade Ideas, which includes many more charts and setups**
”To travel is to discover that everyone is wrong about other countries.” – Aldous Huxley.”
Another wild day with large swings up and down with the S&P finishing up almost 40 handles off its lows but unfortunately I missed the afternoon low.
I just couldn’t pull the trigger and then I had to watch as large gains were got right in front of me with me grabbing none of them.
I can’t get all the moves unfortunately and never profess to.
Many leading stocks are very oversold now and while many of their daily charts aren’t looking spectacular we could move higher.
The big boys are starting to report now with Google Inc (NASDAQ:GOOGL) coming out Wednesday after the bell.
This market remains dangerous BUT we are quite oversold and we could well begin an awesome rip higher even without bases if earnings numbers are good so we may be feeding back into stocks very soon.
I think we’ll have a lot of stocks to get through tonight so let’s get right to it.
I’m still not so sure the low is in. For that I’d like to see a break above the downtrend line at $184.
Otherwise we continue lower in this descending channel.
A strong bounce to be sure and as I talked about above, if we get some good earnings from some leaders then we could see some nice moves starting shortly.
It certainly doesn’t look like a low to me here but good earnings can trump this.