SPY daily sell fails…

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The SPY triggered the daily sell yesterday only to gap up above the entire area overnight.  This failure is a very powerful signal that the market is heading higher.

SPY Daily 12292015
SPY Daily 12292015 Click on chart for a larger view

Here is the 60 minute chart with targets etc.  I'll be looking to get long again if price pulls back into the mS or MS areas...

Hourly ES 12292015
Hourly ES 12292015 Click on chart for a larger view

I had to rebalance my portfolio today with a neutral to slightly long Delta and positive Theta.  I also had to kill and take a loss on a PDS that I had purchased yesterday.  I don't regret getting Delta short nor buying the PDS yesterday because that is what the chart was telling me to do.  Today is a new day and I had to make adjustments which many new traders won't do because you have to admit that you were wrong and take the loss.  Since I reacted quickly yesterday taking profits and today taking small losses, I'm net, net positive for the last two days of trading and ready for if the market really takes off into the New Year... 

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