SPDR S&P 500 (SPY)

[DowDeva]

Some concerns for the bull case going forward:

SVXY today not even close to exceeding 5/12 high as did the SPY which gives non-confirmation on the continuation of the SPY rally. This needs to change quick.

Equity only put/call ratio just poked it's head into nose bleed territory.

Another concern is that the SPY hasn't been able to break out of that long bearish wedge on the daily other than going sideways. I mentioned before a good ten point projection off the wedge once it breaks either way.

Two Hindenburgs on Naz last week, one day apart. Look for $nymo under 0 for actionable trades on a HO. Right now it's at around 33 and trending higher.

A classic bull trap is three highs, one after another, the the second one lower than the first, and the third higher than the second: note the highs on the SPY for days of 4/29, 5/12 and 5/20. (it's the third that traps the bulls).

And finally, an intuitive feeling that we need a good blow-off decline to fuel further rally into the summer.

~d