In the last few months, the Bulls have pushed the SPY up all the way from 181. If the SPY breaks through 214.0 soon with force, the sky is the limit.
But, there is tremendous resistance at SPY 214. The Bears will fight a move above 214 with vigor. If the Bears win this Battle of 214 (i.e., the Bulls fail to "carry through"), we could see the SPY drop back to 204 or all the way back to 181.1 or more.
My guess is that we will see all-time highs in the S&P 500 and then the market will take a significant drop. But, what do I know? Again, we should rely on MIPS to tell us what to do. Stay tuned...
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