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Will the $SPY Consolidation Lead to a Reversal or a New High?

This is the second time has consolidated at this level. Last time, it led to a rapid decrease, but many bulls are quick to point out this time is different. How it is, that is unclear, but the result could be the S&P spiking to a new high in January at least. Eventually, some of these massive gaps that have been left in its wake will have to be filled. That means a downward correction. The problem with stating this is that it's been repeatedly re-emphasized that this trader has NO CLUE WHEN the exact moment of the reversal will be.

Notably, SPY has been down for nearly the last two trading sessions, though today's reversal now has it in green territory at last. The notion is that some of the biggest caps have stalled out. As to how long this takes to precipitate a larger market effect, it is tough to guess again-- That said, knowing something will happen but not knowing precisely can, can be very frustrating. The one thing it cannot do, however, is induce further losses-- MY FUNDS ARE PARKED, currently. While there are certainly some stock positions faring extremely well, my overall feel for the market is off, so it seems a good time to sit this out. I will return w/ a different plan.

Good luck to any and all, if it even helps!

-BDR

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not knowing precisely *WHEN*, can be very frustrating (TYPO CORRECTION)

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Also, the clear answer has been a move UPWARD, thus far. In gap like fashion, of course. This is still something I watch with amusement and wonder.

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LOL, how bout that! It led to a new high AND A REVERSAL! It was like I'd be right regardless given that.