As we wrote in our newsletter the run up from 88 to 96 is too vertical for us to have conviction in a SPY breakout over 96.11 but it we can base above the 50 SMA for a while this will be an excellent long pattern. If the bulls press their luck and try to break-out in the next few days the break-out will either be weaker or fail. Bull or bear -- we need a pull-back or at least horizontal movement to digest the gains.
