SPY is in an upward trend driven by short covering and new record highs; the technical breakout indicates a bullish direction.

Then you have the market capitalization-weighted S&P 500 index hitting new record highs , and if you're betting on the market going down, there's an unwritten rule that requires you to cover your positions.

If your hypothesis is wrong , and if the S &P 500 is moving sideways between 7600 and 7800 and will decide its direction in one direction , then it is clearly heading upwards here. You simply need to cover it.

And when the S&P 500 hits new record highs here, who does that count for ? For the upper half of the consumer class. Therefore, this also reinforces that trend . So, Sam, you just have to respect the trend, and you have to respect these kinds of technical breakthroughs here.