More Consolidation - Watch Out!

The SPY is closing in on the Apex of its developing Pennant. The likelihood of a break out is very high. Watch the movement, and then look for an expected move the size of the left side of the pennant. This is approximately six dollars. Once it breaks, as it surely will, there is the potential for an up or down $6 movement.

Here's the graph to look at more closely. Once it starts to make the move, there can be a short-term option trading opportunity if your confidence level is high regarding trading calls and puts.