SPY weekly is forming an ascending triangle, where the 13 week SMA defines the trendline and slope. These things fail more often than not, but there is little devastating short term downside risk. Maybe it will deteriorate into a rectangle. That is why selling into Friday’s pathetic attempt at a retreat was not the smartest move.
The idea with Summer Lipstick days is that all the rich guys go to the Hamptons and leave their least incompetent relative in charge of the family money. That can get a little overwhelming, and combined with Fed games, quad witching and SPY Ex-Div… well who wouldn’t go nuts?
