Commentary

6/7/21 $SPX or SPY

SPY set an all time high on Friday

The two month timeframe gives a nice picture of action above the air support level of about 404. The check engine light is still flashing.

SPY set an all time high on Friday which was certainly no surprise to the poor sap who sold at 416.28 on Thursday morning.

Surprisingly $SPX, the S&P500 index, did not. The official all time high celebration doesn’t happen until $SPX says it does. My guess is that SPY made a high because it has a non-trivial accrued dividend that will probably go ex on quad witching lipstick day later this month.

I mentioned some of the oddities of dividends in my simple trader’s edge article. At the moment, I’m looking forward to seeing if the Friday all time SPY high, remains such after ex day.

Meanwhile $SPX is an odds on favorite to make a new high before that, personally, I don’t care.

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