The SPY closed at $136.63 on Thursday...
The
current upside resistance is at $137.2, less than 1/2 of 1% above this close (
see graph below)
- there is a good
chance that the SPY will break this resistance level to the upside on Friday
- since we are still long, let's hope so
- if that happens, we could have smooth sailing because the
next upside resistance is about 6.6% higher !!!
Of course, the market is not always that accommodating. So, if the SPY doesn't break up (or breaks up and falls back quickly), MIPS will get us out.
...