Yeah that doesn't exactly look good for prospects of continued UP. Add to that the downsloping Upper BB which is just above the 50 dma, which in said downsloped form typically provides solid R upon first attempted touch, and there is even more reason to believe SPY may top soon. Now, can SPY produce enough volatility to reverse the BB's direction (back up) and make it more palatable to a continued UP? Unlikely in THIS run UP, in my view. SPY would have to go DOWN first, then rise again for another try. And if it goes DOWN again, will it even reverse for another try at that point? Possible, but leaning toward NO.
Combine that with the fact that pretty much all Elliott Wave theory chartists believe we are just beginning wave 4 from the bull run which began in 2009, with wave 4 being the bear market end of the run and a capitulation somewhere between 210 and 240.
For this week, however, I think there will be some UP remaining, perhaps 276-278. And that might even come Monday.
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