Some thoughts about SPY.
Our short-term algorithm SPYmaster II went long SPY five days ago at 147.92 just after SPY broke through its old 2012 high, a feat it had tried to accomplish in each of the five previous trading sessions. The chart pattern built since last September seems to be a quasi head and shoulders reversal which should take the market up to test its 2007 all-time high near 157. Fundamentally, it would seem as long as the Fed stays with its zero rate policy there should be ample funds on the demand side to make this happen. Then we shall see.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.