SPY Touches All-Time High

SPY daily chart April 30 2013

Market acted early as if it wanted to correct, but the selling lacked conviction. Buying then picked up steam throughout the day, drifting off a bit during the afternoon as hot money played around, until staging a strong finish at the highs. The action today was restrained, but in keeping with how SPY has acted throughout this rally. Getting and staying long has been the proper strategy, though that could change at any time, as always. The average touched but did not break the all-time intraday high, that will likely happen tomorrow.

As I discuss here, there usually is follow-through on new all-time highs for weeks and months thereafter.