"A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them." -- John Maxwell
NEW YORK (TheStreet) -- Great action today as we continue to consolidate in markets while some leading stocks really moved well like Tesla (TSLA), (TWTR), Twitter (PANW) and SunPower (SPWR) to name a few, none of which I am in at the moment.
To me it looks like we need a few more days still but there are some really great buys ready to go at any moment now.
I didn't buy anything today since a few more days rest looks to be in order and the best scenario.
Let's move right into the charts.
The SPDR S&P 500 ETF Trust (SPY) is holding the 193 support area so far but it does look to be setting up a small head and shoulders now with a rising right shoulder.
If this pattern plays out it would take us perfectly back to the 190 breakout level and fill a gap.
That would be a buy area and something we could see by weeks end. Of course I could be wrong but this is what the chart is telling me tonight.
Have a wonderful evening.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.