We are super overbought and due for some kind of pullback/ pause for a few days to a week. More importantly, SPY is right up against major resistance and if it breaks, I think we have a good chance of seeing 5%+ upside this summer. I am having a hard time wrapping my head around it but the tape is so stubbornly upwards. I am currently short as of today but not planning on holding long, the longest through Tues before Jun 1 which could see the start of a new leg up.
the hourly is really overbought and still holding up pretty strong. 3 unfilled gaps! And within a very short time frame. Usually after two you usually see some pullbacks but even today held. To me this indicates a serious bid under the market.
I keep thinking about how much doubt there was and chatter about a H + S pattern recently. It failed miserably and reminds me a lot of 2009 when we had similar sentiment which led to a solid 3 mo rally and more.