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).
Jeff Pietsch is a registered investment adviser in the State of Washington. The adviser may not transact business in states where it is not appropriately registered, excluded or exempted from registration. Individualized responses to persons that involve either the effecting of transaction in securities, or the rendering of personalized investment advice for compensation, will not be made without registration or exemption.
This blog is for educational purposes only, and nothing herein should be construed as an offer to buy or sell, or as a solicitation of an offer to buy or sell securities, or to provide individual investment advice. Investing is risky and past performance, whether actual or tested, is no guarantee of future results. The author neither endorses nor warrants the content of this site, any embedded advertisement, or any linked resource. The author or his managed funds may hold either long or short positions in the referenced securities. Republication rights must be expressly granted by author in writing. Astrices (*) indicate a compensated hyperlink or product reference. Author is the sole owner of the "ETF Rewind," shares in the proceeds of "DV_indicators", and may exchange services in-kind with participant contributors.