The SPY Continues to Defy Gravity

Late yesterday, we discussed the pickup in volatility after Ms. Yellen’s press conference, but no meaningful directional change in the SPDR S&P 500 (SPY) chart picture.

We concluded that the SPY either has to hurdle 187.80/.90, or break below 184.30 to trigger meaningful bullish or bearish price traction.

So far today, the bulls certainly look like they are the one’s that will trigger the directional catalyst, if the index climbs a bit further.

A sustained climb above 187.90 should trigger continuation towards a test of the Mar 7 high at 189.26.