S&P 500 Should Press Lower

Although the S&P 500 SPDRs (SPY) did not put in a key downside reversal session, which means that today's weakness off of a new high is likely to have near-term trend-changing implications, I exited my long position nonetheless. That was largely because today represented the third consecutive session that the SPY bumped up against the upper Bollinger Band, which usually resolves itself in reaction weakness -- towards a test of the mid-point, 20-day moving average (now at 141.88). We should not be surprised to see the SPY press lower during the next session or so, towards the mid-point of its two standard deviation range -- at 141.88.