See the graph below. On the top right, you will see that the SPY has been within "breaking distance" (less than 1.5%) of its all-time high (ATH) for the last 5 trading days. Normally, the longer it takes the SPY to break above its ATH, the stronger the break to the upside will be.
As always though, if the SPY fails to break above its all-time after like over 10-12 days, it could head south at a rapid pace into "correction" territory. There are times, however, when the SPY breaks above and below its ATH a few times before it makes up its mind on which way to go for the long term.
This is a very complicated period in the market, so we should wait until MIPS tells us what to do next.!!!
- MIPS is still long and strong at this time...
Paul Distefano, PhD
Founder / Lead Developer
MIPS Timing Systems, LLC