S&P 500 - Not until it breaks and holds this blue trend line

SPDR S&P 500 ETF TRUST (AMEX:SPY)

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AMEX:SPY SPDR S&P 500 ETF TRUST

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The current rally is not a continuation of the March rally unless it can break and hold for more than a day the blue trend line. However, it has failed to do that 2x before. Both times ended in a strong correction. If it fails a 3rd time, then this would be a clear triple top pattern and I would expect a larger correction than before.

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Almost tagged that 3560 level at 9pm Sunday (SPX500USD). Monday should be an interesting day.

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Wow, that is f'n amazing rally last night. Not only did it blow by the channel but it is flirting with the important 3686 level. That is the 1.2 fib extension off the March low. That is the typical max value for a corrective wave. If it can hold that for a day or more then S&P is ready for a dot com level bubble. Just remember that the S&P is 95% FAAMG and the market always fills its gaps.

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