SPY is currently at a critical level, expecting the politicians to do whatever is necessary to talk upside into this . Even if they do July can become ugly. Of course there is always another possibility. The question is what is going to take this market higher? Earnings season is ending, liquidity is flocking to the USD as far as Europe is concerned. Im guessing ECB starts to print money. I do not believe in the Facebook IPO as catalyst one can not hold up an entire market. Having said all that, follow price! the background story is just for entertainment.
see this chart for broad targetswe are approaching the first area, I think it is time to peel some off, keep about half and add to short on a bounce for the second target. I see two possibilities, either consolidation around 129 and break lower or bounce back no higher than 134.6 in the near term.