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SPY: Small High Bases

Published 06/09/2017, 01:12 AM
Updated 07/09/2023, 06:31 AM
XAU/USD
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GC
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SW
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BABA
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“Patience, persistence and perspiration make an unbeatable combination for success.” – Napoleon Hill

Some choppy action on Thursday as we build bases in indexes to move higher from while some stocks just ripped like Alibaba Group Holdings Ltd (NYSE:BABA), which we didn’t have, but Sierra Wireless Inc. (NASDAQ:SWIR) we did.

Gold is looking fine and I’ve got a good chunk of miners for the moment and I am very curious to see if we can get a strong close to the week on Friday.

All in all, there isn’t a reason to be short much, unless it’s an inverse ETF.

SPY Daily Chart

I like the little flat channel or bull flag here.

I don’t see this chart pointing to lower prices in the near future.

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