In our previous blog from last Thursday, we showed that the SPY was ready for a breakout from its tight sideways trading range between its 50-day and 100-day EMAs. On Friday, the bulls pushed the SPY up above its 50-day EMA (and above the trading range), but the bears sold it back down to close just slightly above its 50-day EMA.
Today, however, the SPY make a nice, solid break out of the range and well above its 50-day EMA (orange ellipse). This would normally mean a run up, but we never know for sure. That's MIPS' job.
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