Can SPY Take Out Resistance Line?

SPY at Noon-- the time of truth!  Does the upmove off of last Thurs. pivot low at 259.05 take out, and/or explode up through the major Jan.- May resistance line in the vicinity to 272.00? My near term work is overbought, but also is confirming the strength, which argues for more upside prior to exhaustion. How much upside? If 272.00 is taken out, then the next optimal target is 274.00 for week-long upside exhaustion to put a temporary lid on this upleg... Last is 272.73/74

5 10 18 SPY Noon GIF
5 10 18 SPY Noon GIF
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!