New Recovery High in S&P 500
About an hour ago, the SPY made a new recovery high at 142.66 off of yesterday's low at 141.19. The pattern carved out within the upleg exhibits bullish form, which "warns" us that after a pullback (to 142.20/00) we should expect another potent upleg to emerge that propels the SPY to retest and hurdle the 12/14 high at 143.24 -- on the way to 143.50/80 thereafter. Only a plunge that breaks yesterday's low at 141.10 will wreck the pattern -- and will turn my work decidedly negative on a near-term basis.
