$SPY broke out of the triangle today. A new all-time high is now within reach and will likely act as a magnet for price.

Longer term, however, I still think the bulls are likely to fail. The main reason is that these yellow boxes have historically been retested when they form late in a trend.

I believe we’re clearly late in this trend, so even if we push higher first, my longer-term outlook remains bearish.

$SPY $QQQ

Educational content only. Trading involves substantial risk. The setup grade and outcome described here are specific to my plan, sizing, and risk tolerance. Do your own work.