15
Jul

Afternoon Update $SPY

Markets are pulling back slightly and while the turmoil in Greece over the new bailout is a good excuse, the past few days have left the SPY a bit extended from the 8 ema. But we are still well within the 2015 range and the interim uptrend to the top of that range is still in tact. 

Today's doji creates a relatively small pull back and may be setting up a bullish doji sandwich. I am staying the course for now. I will not be scared out by the recent whipsaw action this year. The only recourse is to stay with my strategy. This is when trader's psychology is most needed. I will not allow my emotions to be triggered. My strategy will start working again eventually and as long as I keep losses to a minimum, I will be profitable overall. Tenacity is key. Tomorrow is another day. Here is the chart:

spy715

 

Leave a Reply

Back to Top

Password Reset

Please enter your e-mail address. You will receive a new password via e-mail.