JLJ002500
Short

SPY - Bullish Move...Is it for real?

AMEX:SPY   SPDR S&P 500
1M:
1W:

The break above light blue trend line was very bullish , even with moderate volume . The bears could not take control to break even relatively week support areas. Are the bulls gaining momentum? This recent price action could be a signal that the May 2015 high could be tested and surpassed. I still expect further volatility in 2016, but a push higher could establish a new trading range. It could also indicate my hypothesis for 2016 has been incorrect and the bulls will remain in control.

I sold a credit/bear call spread earlier this week. Normally i would take advantage of the rise and sell more without hesitation. My breakeven is currently $210.20. I still will probably sell more &/or raise my breakeven closer $212, but I am carefully weighing my options, the R/R, the timing, and ensuring I have will still have future flexibility.

Comment:

Volume light, but price action is looking very bullish. I would be surprised if we didn't test $211 & $212.
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