1st Graph (daily data)
FINALLY, the SPY definitively broke its upside resistance at $137.2, but only after about 8-10 failed tries. (See the 1st graph below). The Buyers finally "yanked" the SPY away from the Sellers in this tug-of-war and we are now at $139.91, and that is a good position to be in. So, what happens from here (see 2nd Graph) Graph #1 - SPY Breaks $137.2 Resistance
2nd Graph (weekly data) This is simply a graphic view of the next three upcoming "resistance levels" that we will have to contend with, at 144.3 and 152.8 and "The Big One" at 157.5. The latter is "The Big One" because it was the HIGH for 2007. Does the market have enough "steam" to reach or surpass this "pinnacle" point at $157.5?
Wouldn't that be nice? None of us knows the answer to that, but we do have MIPS to guide us along the way. Stay tuned... 2nd Graph - Future Resistance Levels