jmboyer1
Short

SPY Breaching Channel Trendline

AMEX:SPY   SPDR S&P 500
167 0 0
SPY             broke up through ascending wedge/channel again today (highlighted) much as it's done previously in Dec '13 and Mar '14...these breaches were followed by retreats to lower levels b/f moving back up. However, this time seems different; secondary indicators show sentiment at extreme bullish levels, margin levels at all time highs and we're very long in the tooth ref. bull markets. Primary indicators show up days on anemic volume and number of new highs pales compared to previously....in other words the market has been moving up on fumes. Expect to see this sold off quicky...as mentioned in QQQ             posting, tomorrow is NFP, so maybe that is a catalyst?
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