SPY Breaks Out to the Upside to Start July

From a P&F perspective, let's notice that the SPDR S&P 500 (SPY) has climbed to a 197.00 new high print today, which also breaks above a triple high at 196.50, triggering an upside measured target zone of 198.75.

Only a bout of weakness that prints 196.25 will stall the advance by introducing a down-column of Red O's on the chart.

However, only a print below 194.25 will confirm that a major downside reversal has occurred.

For now, the bulls are very much in control of SPY direction.