Is SPY Ready To Break Out?

 

"You can be taught so much, but the sense of anticipation cannot be taught."

-- Paulie Malignaggi
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I've been meaning to provide a link to a recent update I did of SPY as well as FB, AMZN, AAPL, NFLX, GOOGL, MSFT, GS, JPM, GLD and BTCUSD.

Here's that link to my How To Trade page.

Since I completed those updates this weekend, the SPY has traded in a pretty interesting way over the last 2 days.


As the image shows, price is challenging resistance at the horizontal edge of the triangle pattern.  It also looks likely to push through in the near term.

So what to do?

If you're interested in trading SPY, stalk a long entry on a lower timeframe like the hourly chart below.  


Be sure to minimize your risk by minimizing your size against a stop loss level of your choice.

Hope it helps...

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