Although SPY has closed above $113, this does not yet necessarily confirm a continued bull market. Lets see how SPY trades today. If we continue up this morning, I will buy SPY and ride the trend as long as I can. However, SPY is moving to the downside at the moment.
I believe the upward movement to start the new year could be a means to build more excitement and optimism for a continued bull market. I expect that more buying will likely be followed by a broad sell-off once there is enough buying participation. To end the new year, analysis showed 51.1% bulls versus 15.6% bears. Historically, such a high ratio of bulls to bears often preludes a reversal.
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