This may be the "Breakout" for the SPY that we have all been waiting (and hoping) for:
- see purple box on the middle right in the graph below
1) The SPY climbed to and hit the Resistance 1 level at $281/share,
2) and it stayed around there for about 7 days,
3) then in the next 5 days the SPY dropped to the 200-Day SMA level for support, and
4) moving average support held, and SPY rebounded back up to (and slightly above) Resistance 1 again.
Let's hope for new highs next, but wait for MIPS to tell us what to do...
MIPS1234 and Nitro are sall till Long.
Paul Distefano, PhD
MIPS Timing Systems, LLC