New highs for the SPY were hit last week, but as we can see on the chart, the volume is weak on this advance. This is not a bullish scenario, but trying to pick the top of this advance is going on about a year now, has been a fool's game, and an expensive one.
I believe a pullback is brewing, but what I believe has nothing to do with how the market will act. I'll wait for signs that the Bears are making a stand, and then look to get on board a continuation pattern, if it sets up.
the lame volume and grinding action in the market is making follow through and volatility non existent. If history is our guide, it won't last forever, it will only feel that way!
Until then, trade cautiously in this brutally choppy market.
