Never a dull moment in these indices lately. The SPYs have pivoted to the upside off of this morning's new reaction low at 132.65, and have recovered to the 133.66 level so far -- in sympathy with the continued plunge in crude oil prices and perhaps more importantly in sympathy with another run in the DJIA towards a new all-time high above 11,750, which as speak is just 10 points away! Fasten seatbelts...this could, and probably will, get very interesting when the Dow makes new highs. Sustainability and upside follow-through will be key (for the Dow). Anything else will be very disappointing to the other equity indices.
For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his ETF Trading Diary.