SPY

(Click Chart to enlarge)

(Click Chart to enlarge)

 

Lets be clear, I wouldn’t be that naïve to call this THE top of this massive bull run.  We may power higher from here defying gravity and stretching the Bollinger bands around the globe, but I would say this markets days are limited.  Historically, new highs followed by >1% pull backs have never been favorable in the long run.  If this market does decide to reverse, we don’t have to get ultra bearish.  Support can be found at 1633/1598 on the SP500, and bulls should welcome a pull back to these levels.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s