SPY is also at resistance (see QQQ post below) as shown on this 4 hour chart. price action is strong and we could punch thru or maybe just consolidate here for a while but i’d say the odds are good for at least a quick pullback. more active traders might consider booking some long-side profits, taking some hedges or possibly looking for some near-term overbought stocks that have hit resistance for a quick short, pull-back trade. however, there are a lot of bullish set-ups & patterns breaking out today as well as over the last week or so. therefore, consider being selective on taking new positions here and maybe keep those positions on the lighter side for now. personally, i’ve booked quite a bit of gains on the long side today and just added some index shorts to bring my account close to market neutral (hedged with roughly equal amounts of longs and shorts) as i’m more concerned with protecting my recent gains than trying to squeeze out more at the risk of giving some back.
