MIPS Members:
Just as it appeared that the Bulls had broken out to the upside on 4/13/2016 to win the "Resistance Battle" of the SPY at 204.0, the Bears came back strong. The Bulls carried the SPY up to the 211.0 level, but the Bears pushed them back again to test 204.0.
The Bulls fought hard and held above the very strong 204 Resistance Level, which happened to also be the 50-Day EMA. This was a VERY bullish day !
Does this mean the market will be up from here? Absolutely not. It does mean, however, that the Bulls did find the strength to momentarily resist the downward push from the Bears when the market hit the ultra-critical 204.0 resistance.
This market could go either way from here (lots of good reasons now for both directions).
Let's wait for MIPS to tell us what to do !!!
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