The week-long consolidation that took place after the 09/06 breakout on the SPY resulted in another thrust higher to close out this week. As you can see below on the 30-minute timeframe, we have seen yet another high and tight consolidation pattern following each breakout. Despite the temptation to call a top or short, even for a quick trade, the technical evidence is just not there yet.
Also note that even if we do pull in a bit, the integrity of the breakout is likely to remain intact and individual breakouts can certainly continue to work in an overall healthy market.
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