Amazing rally continues, SPY above Q3R1 looking like test of YR1 immanent. Safe havens back down too. So far everything points to "have bought and holding" (instead of hedging or taking profits). But watch the SPX YR1 2163 on Friday.

When the yearly pivot held on INDU on 6/27, and broke slightly then recovered 6/27-28 for SPX, I never dreamed we would see a tag of YR1 in July. But that's how it played out, with SPX reaching YR1 in just 12 trading days. The move from the YP break in January down to YS1 was fast too, just 6 trading days; then after some chop the recovery of YS1 in later Feb rallied back to the YP in just 18 trading days. Outside of these moves the market is a lot of sideways! If you snooze you lose - the big levels are the places to take significant positions.

SPY and SPX below. (SPY YR1 is higher largely due to the 8/24/15 spike low).