6/3/25 Recap

The SPY is breaking out to new local highs getting over the mid May highs of 595.54. Bulls would like to see a close over that today and bears would like to see a rejection and a possible double top forming. We will have to wait and see where this session goes. We just continue to have a smooth ride higher after a healthy period of sideways. There isn’t alot to say here other than there is nothing bearish here until at a minimum the 8 ema(dark blue line) breaks. You have to press things in uptrends and we’ve been in one for over a month now as we’re cruising over the 21 ema(light blue line), that’s why I’m utilizing so much margin for the moment. When that 21 ema below breaks you simply remove all the margin and you’ll avoid whatever pain comes at that time. The last time the SPY closed below the 21 ema was April 23, so that is why this has been a fairly smooth 6 week run in the market. The Nasdaq is also finally back to positive on the year.

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