Great Gains Need to Consolidate

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The S&P 500 is resting here below it’s 50 day average along with the 61% Fibonacci level at 1,425.

While we did breakout Thursday above the 100 day with a nice little consolidation area I’d still like to see a little more rest here before we move higher but it’s not up to me.

I’ll be a buyer of some SPY calls on a test of support at the 100 day or on a move above the 50 day but I’ll be watching how it acts at the 1,425 Fibonacci level.