The $SPY are at a VERY critical level heading into earnings from $INTC and $AAPL tonight after the bell.The intraday high of $123.50 is exactly one penny from the 2011 post-crash high of $123.51 that was hit on 8/31/11.
The upper horizontal black line shows the resistance level and will be the area that the $SPY must close above for a confirmed breakout. A failure to breakout this week could lead to a 5% pullback in the overall market.
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