We are obviously in a strong uptrend even as oscillators are beginning to indicate short-term overbought. Just trail stops as we move up. There may be more resistance at $142.50 in the next couple of days (the declining 200 day MA), but this would be the second test for the SPY and with the NASDAQ showing good leadership, we could really punch through this time.
I know that sounds two-sided. It is -- I'd just play it safe for now with stops on the long side and/or look to get hedged if we make much more headway. Meanwhile today, cumulative tick is quite strong following through from yesterday's little "W" bounce off the pivot and the moderated inflation news, though we're now seeing some price resistance at R2 ($141.80).
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