Courtesy of Doug Short.
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Sometimes it pays to get lucky. Was the car in the photo below lucky? When it comes to potential “close calls” the price action on a weekly basis in the S&P 500 ETF (SPY) might not get much closer!
The “weekly” closing high last week was within 50 cents of the weekly closing high back in 2007. Odds are low that this similarity will be the last word, but if it turns out to be the case, the prices couldn’t have been much tighter at an important high.
Will it be different this time? Stay tuned! It shouldn’t take long to see if this pattern breaks.
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