The SPY gave back some of the gains of the prior 5 day rally but it remains comfortably above the prior important resistance at 111.80-112.00 and as long as it holds above this level the breakout should be trusted, even with light volume.  The nearer term support remains at the prior breakout attempt high made on Dec 4 at 112.38, although that high and Monday’s low of 112.32 are labeled, they shouldn’t be taken as literal support level, but the 112.30 area should be considered first support.

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