Our previous entry [Three Possible Market Moves (And Why)] showed 3 likely market moves from July 1st. Well, for now, it looks like #1 (moving up from here) won the several weeks battle between the bulls and the bears.
In the graph immediately below, you can see that after 5 days in a tight trading range (pink box) around the 50-day EMA (black dashed line), the SPY broke up with a gap (orange ellipse). This is enough for most market "technical traders" to say this is a huge win for the bulls. From my perspective, the only thing that I did not like about this is that this break-out happened on very low volume (little guys?). As to where this takes us in the next few weeks, we will depend upon MIPS.