Yes, you read that correctly. I believe the SPY is poised to finally break out here. The key hurdle has been the 50-day SMA. A simple sequence is what I am looking for. I want to close ABOVE the 50 SMA on the daily chart and open ABOVE the 50 SMA. Then I would want to see a rejection or reaction at the indicator. Basically showcasing that previous resistance is now acting as support. IF we get this maneuver to take place, we could see a strong move higher. Now it is VERY difficult to try and time the markets based on reaction at price with all of the tweets flying around. That being said, it will be a strong indication from a chart/technical standpoint I can offer. Traditionally, this type of reaction has historically been very bullish. While I do not think it will lead us directly to all-time highs, I think it could put the markets on the road to those levels. Stay tuned, this could all take place this week.
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