SPY looking for higher after a retrace to 177 area
On the hourly chart, SPY is showing 5 waves off the low. Additionally, the momentum of the rally off the Feb 5 low was very strong. The 4H chart shows the correction having completed 2 ABC zigzag patterns. The first rally was a short-covering rally. It was vicious and unforgiving. I think SPY continues to trade higher, but some profit taking is needed first. I think it will continue to outperform IWM, and new all time highs are definitely not out of the question.
In particular, you should spend no time at all thinking about those rosy scenarios in which the market goes your way, since in those situations, there's nothing more for you to do. - William Eckhardt