The S&P 500 ETF (NYSE:SPY) has rallied more than 20% in the last two months. It is now testing the major pivot highs from October 2018, an epic pivot point.
This is resistance, but the markets are strong. Every big trader and institution is watching this level. A break above with confirmation, signals a move to test the all-time highs. If the S&P 500 fails here, a likely 200 point S&P drop ensues.
Volume is extremely light in the market over the last few weeks signaling big investors are on the sidelines. That generally is not good for the long-term health of the market. However, near-term it means nothing, in fact as long as the light volume remains, the markets could float higher. Note the chart below. I myself am heavily short here for a pull back.
