|The S&P 500 continues to grind higher. Upside volume has been less than convincing, yet downside volume fails to gain traction for more than a day or two. In fact, on Friday the $SPY logged its lowest volume on a full trading day since June 2012.|
At this point in time it appears this index is set up in an ascending base pattern. A breakout into new highs may put the S&P 500 into a parabolic move with an exhaustion blow off top. However the prospect of this occurring is less than clear, as the daily chart shows this price level has been met with selling multiple times during the year.