MVP View of SPY and Credit Spread.Idea....06.07.16

Here's an expanded view of the MVP chart of SPY.  Note the current status of the PCL chart....currently well below threshold levels for a high probability trade.  This situation confirms our ongoing contention that the markets are more than ever at the whim of large institutional and prop traders who are confounding "normal" technical indicators (that's their job). Low volume has probably exaggerated much of the recent momentum but we may yet face the day of reckoning once the fear factor kicks in and the VIX climbs out of its doldrums (but not soon according to yesterday's Ponzo).  For those who doubt the SPY can penetrate the 213 overhead resistance here's a credit spread idea that looks like a balanced risk/reward opportunity.