SPY Breaks Higher: Looking For Follow Through

The SPY broke free from its range yesterday, but continues to have resistance at the $137.50 level. If it can follow through higher, it should be free to run to $142-$143.50, giving the bullish set ups we are finding a good boost.

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The SPY broke free of its pennant consolidation area yesterday. However, with the daily swings that we have seen in this market, we need a follow through day before we can get too excited about the rally prospects. Nevertheless, things are shaping up for a rally.