As I had highlighted before here that we a top likely the first week or two of April. The market was poised to go down from multiple perspectives but it didn't.
1. The 9-bar mode failed to rally the proper time and distance = WEAKNESS.
2. Then the 10-bar mode then built at a higher level than the 9-bar, and shows STRENGTH and accumulation,
3. But then the rally out of that mode failed to reach time and price projections = WEAKNESS
4. Now we have 12 weeks at the same level as we build time at this higher MODE, so that shows STRENGTH,
The shut off valve for being is still 184 in SPY and 184 is also a big level from option expirations for two months.
So, for now, I have to label this as "neutral" as the buy signal doesn't occur until Friday's close and the stop is 184 on the entry.