SPY Charts 6/15 Optimism Renewed

We have staged an impressive rally the last two weeks.  Even thought the beginning of the week volatile the markets settled Thursday and Friday to make gains on reports that Central Banks will do whatever they can to back stop an credit or liquidity concerns that could happen if the Greek elections don't get the right result.

The interesting thing about this is that the markets are ready to move higher with a positive result in Greece.  That means that the SPY could break $135.  The SPY broke $135 in February and went higher until May.  It is a very important price level for the bulls.  It is the price level we tested 5 times last year before the big drop at the end of July.  So the outcome in the Greece elections will be big for either the bulls or bears.

I believe the market rallies big on Monday and that Greece stays in.  Famous last words.
We'll see on Monday. 





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Disclaimer: This article is intended to be informative and does not constitute a buy, hold, or sell recommendation., and should not be construed as personalized advice as it does not take into account your specific situation or objectives