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S&P 500 in Bullish Pattern


Time for an update of the intraday S&P 500 SPDRS (SPY) chart... which continues to grind its way towards a retest of the Dec.-Jan. highs: Keep in mind, that Monday is a market holiday (MLK), which means that investors will have to decide if they want to take some of their recent gains ahead of the three day weekend, or hold for still more upside on Tues?

The bullish pattern off of Wednesday's low at 140.30 made new highs at 142.80 just before noon and appears to be heading for a confrontation with the Dec-Jan highs at 143.17/24. At this juncture, only a sudden downside reversal that breaks this morning's low at 141.94 will compromise the very bullish pattern.

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