For the last week or 10 days I have been talking about buying the SPY if it got into the box on the attached chart. It did exactly that and if you bought, all that remains now is to wait and see how it plays out. Recall that how I expected it to play out, is with new highs in the SPY.

On a very short term basis I think all of Thursday was consumed by making a triangle which I believe completed into the close of trade Thursday. Triangles are always continuation patterns, so if I am correct don’t be surprised to see a gap higher and further upside on Friday.   

Thanks,

Joe

PS-Recently I opened up a new program that I have been working on for the past few years. At a key point, I tweaked the formula and this thing has been absolutely on fire. If you want to see the trades it is kicking out, click here.