10/23/2015

Pow! SPY back above all pivots! From below all pivots as of 10/1 (Y, 2H, Q4, Oct); to clearing the highest 2HP today. There are always more levels to watch for resistance, and some of these tagged today on SPX, ES, and DIA; but the most important thing is SPX / SPX / ES above all pivots. Holding this designation means higher, so opportunity cost to hold longs is fairly low with SPY above 2HP 205.83. Again, I have been pointing to this as a target since 10/8 with the first clear of MR1, and then very likely since 10/15 with the 2nd clear. It was simply the next level up and had to go there.