As I write, the SPY is holding slightly below all-time highs despite this mornings disappointing non-farm payrolls data. It is my opinion that the last 5 days of consolidation below 170 have already discounted the number and we are looking at new all-time highs over the next 1-3 months. In this chart we see that the most recent down wave between May 22 and June 24 came on lighter volume and shorter duration compared with the previous two declines in 2012. Declining volume on the down waves is a bullish sign. Based on the trend channels from the daily and weekly charts, upside targets lie between 174 and 177 as long as SPY can stay above 169-170. A similar analysis on the daily chart can be found here;
