Importantly, the SP500’s resistance was overcome today - now that resistance becomes support (down at the 884 line). This is why I covered my SPYs and went long them. The facts don’t lie in momentum modeling. As the facts change, I do.
See the chart below. There is plenty of runway left until we run into the big negative “Trend” line of intermediate resistance. We won’t go there in a straight line, but that line is +14% higher up at 1052. There is immediate term “Trade” resistance at 925, but that line is a moving target that moves higher every time I refresh my models.
I have moved my US Equity invested position up again today.