This is the way this is going to play out:

  1. The final line in the sand at present is 274.39 – has held for all of April and May. SPY keeps banging its head on it.
  2. If we get a close above that – clear sailing to 280.61 – the March 13th highs
  3. If that levy breaks – absolutely no resistance until we test the all time historical highs @ 286.90 -AND- if this level gives way? The S&P will never go down again. And we will get free money forever and ever and ever again. Buy and hold and sleep tight
  4. 270.62 is the 100 SMA current support which has held for pretty much all of May. Below there is a nest of support @ the 268’s levels
  5. Balance of Power (BOP) has been all white – therefore “retail”. This is showing us the entire rally in May is HFT bots and day traders. There is no institutional money flow coming IN to this move.
  6. Money Stream is horizontal and this confirms what I just pointed out about BOP. There is no “BIG” money behind this. Only scalpers and pikers.
  7. TSV is flaccid and in all matters is now a non signal
  8. Real volume is down to 62 M +/- on a 10 day average.  In February 10 day was @ 195+ M – What does this tell you?

The most expensive prices you will ever pay on SPY is the first 8th and the last 8th. But wait, we don’t trade in 8th s anymore. So then the  0.125. I will leave you all to ponder that point.

 

KingCAMBO-

“You cannot recover three things in this life: the word after it is said, the moment after it’s missed and the time after it’s gone…”