SPY-- the narrowing of the differential between the down-sloping 20 DMA (265.25) and the up-sloping 5 DMA (263.26) warns us the a big directional move is approaching.
Which way? My sense is that after two weeks of multiple tests of the 200 DMA in the vicinity of 258.30 at the time, that SPY will surge above its two week resistance zone at 266.20/80 to fill the 3/21 down-gap at 270.19, and possibly higher, towards 274-276.
Of course, we live in a headline risk environment at the moment, but at this juncture, it would take American missiles being shot down by the Russians to implode this market now (which certainly is tail risk every day until the threat is removed).
Last is 264.53