The SPY closed at $136.63 on Thursday...
The current upside resistance
is at $137.2, less than 1/2 of 1% above this close (see graph below
- there is a good chance that the SPY will break this resistance level
to the upside on Friday
- since we are still long, let's hope so
- if that happens, we could have smooth sailing because the next upside resistance is about 6.6% higher
Of course, the market is not always that accommodating. So, if the SPY doesn't break up (or breaks up and falls back quickly), MIPS will get us out.