Remaining Patient For Next SPY Setup

Last week the SPDR S&P 500 ETF (SPY) hit our BP (Bayesian Probabilities) resistance cluster near 472 into a predetermined vibration window (vw) and turned down as the odds would dictate.  However, thus far this pullback has been corrective/sloppy, so we await a better setup for a trade.

Note that lack of opportunities in SPY is the reason we’ve been most active in the energy sector over the last several weeks. In any event, we’ll remain patient at the swing trade level instead of getting chopped up.   

In metals, with BPs indicating this bullish advance would be the next path, we’ve remained patient for a noticeable pullback.  With that said at the micro-level, we have dipped our toes in the water in SLV, as metals could run higher at the swing level into the next vw.

In oil, there was an about-face in the BPs, and we closed out a very high-quality short win on 11/15 in our Trading Notes near the low of this swing timeframe.  Let’s remain patient for the next larger-degree BTS swing opportunity in USO.