SPY is bullish as long as it stays above or in the blue channel
- initial target 480 by as early as 1/5 (1/19 latest)
- Goal target 500 by 2/21/2024
We haven't seen this kind of move since November 2021, the shallow retracements are actually a bullish sign, not an indication of over-extended.
Once this makes it to 500+ it will begin a distribution phase before ultimately tanking in April-May of 2024. But for now it's bullish after competing a re-accumulation phase over the past couple weeks.