S&P 500: Short Term Bullish Trend Terminated

SPY was so bullish in the first eight sessions in the last two weeks. I warned to look out for a top two weeks ago. Now, the caution is gone. SPY had a successful break out. There is no major resistance above the current price level. However, in short term, the performance in the last two sessions announced the termination of the last bullish run. Most likely, SPY will pull back a little. I've put two horizontal green lines here. If SPY pulls back above or in the zone of these two lines and then goes up, there will be a long rally for SPY again. If SPY pulls back below the green line around 112, be cautious of a fake break out! Happy trading!