S&P 500 (SPY) in Breakaway Up-Gap

Today's action in the SPY represents a classic breakaway up-gap thrust out of a two--week sideways, bullish congestion area. The potent upmove has propelled the SPYs to new bull phase highs at 132.58 -- on the way to a 132.90-133.30 next target zone. At this juncture, only a reversal and plunge below 131.60 will begin to compromise the current very constructive chart pattern.

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