SPY was tracking the upper end of the bullish trend line for weeks. This week, SPY was really hugging the upper trend line but could break through because of a lack of volume. I used a combination of the 200 MA, support and resistance lines, and trend lines in conjunction with earnings season kicking off in earnest yesterday to anticipate there would be enough volume to nudge the SPY through the upper trend line today.
The technical analysis had already shown that given no major changes, SPY would touch $415 today, but to be considered a breakout, it would have to crossover the trend and it did!. So what does this mean going forward?
Barring any changes in momentum, I expect we will go into the weekend with more record-breaking days. I expect to see the SPY touch $416 and or $417 tomorrow. This puts us on track going into 04/20/21 to possibly see a SPY level of $420 on or before that date. I also suggest watching the cannabis stocks as well. It's just the way the human psyche works!