I wrote yesterday ‘If SPY prints a new high today it will have recovered the whole 2-month decline in little over two weeks‘. See second chart – SPY broke to a new high yesterday and that’s great (old high was 697.84).
read this post on Substack
What to watch for on the negative side:
In the short-term, a false breakout – i.e. SPY tests the old high (it has) but fails to hold above that level.
In the longer-term SPY retraces back below it’s Major Control at 683.25. That would not bode well – I don’t think that’s going to happen but what the hell do I know.
