This is what we discussed Friday afternoon: Nothing has changed except for the fact that the SPY has printed at 185, which triggers a P&F Buy Signal... MJP 2/24/14
From a P&F chart perspective, let's notice that the SPY is bumping up against a quintuple top at 184.75.
A SPY print of 185.00 will break the 5 X Top at 184.75, presumably triggering an upside breakout that has the potential to propel the SPY to 191.00 - 192.00.
To me, this will represent an upside blow-off pattern atop an already astounding advance from 173.75 to 184.75.
It is with this analysis in mind that I prepare to enter a new long position in the SPDR S&P 500 (SPY), or the ProShares Ultra S&P500 (SSO), upon a SPY print of 185.00.