SPY - Don't get in the way of this bull, for now....

Hello all,
With the typical seasonal topping window here (Sell in May and walk away) I thought i would take a minute and weigh in on the current stock market backdrop. While I certainly would not even consider new purchases as these 'nose bleed' levels some are wondering why the market isn't heading down. Simply put, I don't believe we have rolled over yet and there appears to be at least two respectable technically bullish upside objectives that ought to get satisfied before a consolidation can begin in earnest. The chart above is a simple daily perspective of the SPY             and if we keep our analysis really simple, those upside objectives actually make some sense. On top of the fact that money continues to flow rather nicely into equities, I am a big fan of harmonic patters (thick dotted lines on chart) and you can see two bullish ab=cd price patterns suggest a target somewhere in the area of 195 - 197 could be quite achievable over the short run. Additionally, both those bullish ab=cd price projections would take us up to the trend line drawn off the peaks from last May and December.
Put is all together and frankly, it does not surprise me to see the market moving higher here. Indeed, last May's peak was quite a euphoric 'blow-off-top' peak and I wouldn't be surprised to see some of that kind of action near the end of this run.
Hopefully this simple analysis helps put the current market into perspective for you. I am NOT buying but at the same time I simply do not see any reason to consider shorting either......hurry and and do nothing for me....

Cheers all and I hope my analysis is of benefit...

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