Stopped at Even 99.50 on the overnight... Patiently waiting on the Slingshot pullback move back to the broken TL Kiss combined with a splash of Fib Confluence... 6th straight up Day..
My spy chart says we just barely traded through. I chart on all, es, spy, spx and look for the lowest common denominator. Most likely with biggest etf of all with $250 billion in assets I have to trust there are a number of eyes on spy.
When the Fed releases their balance sheet later today for the last week (weds-weds), it wouldn't surprise me to see that they've been net accumulating. However, in this environment, every accumulation is just a precursor to the next big sale.
All thinks being equal, I prefer a volume confirmation. Breakouts can occur on low volume too though. Some will even call that bullish. A low volume pullback after this would be confirmation, and then obv. followed by a high volume lift. That is if you subscribe to the Wyckoff method.
I subscribe to facts, not methods taught by others. It's not that long ago I actually tested a pattern based on an Outside Day which turned out to have the complete opposite result of that was taught where I read it. Textbooks often cherrypick stuff and/or teach stuff that's simply not up to date (as patterns in markets do change...). In my opinion, of course...
I bet a lot of suckers shorted this trendline break or pullback, but it's a low probability trade, IMO. There's a chance the high is printed for today, but according to my 'read', there's still more upside and we're more likely to make a new high by end of day closing in on 2730. In my opinion, of course. Could slide lower, but the chances of doing so are slim... EDIT: Or maybe I'm the sucker. To clarify, with slide, I'm referring to a significant move, i.e., new lows.
One and two hour pa at inflection point will be difficult to overcome without a much loved pullback if at all.