Mr. Market just had very boring eight days. The trading range was about 18 points for eight days! Today it broke the previous weekly cycle fractionally. Nasdaq broke the previous high two weeks ago while Dow Jones hasn’t had a breakout. Can we trust the S&P 500 breakout? It is 16 days since we have made the previous weekly cycle low. The first daily cycle in a new weekly cycle has a tendency to overextend which would support the breakout. The market is expensive and saturated. Any up move would be slow and laborious. But the cycle has its own way of doing things. It will go up regardless how we think. Too high of price can go higher as long as there are ready buyers! Based on the swing rule, we project the S&P 500 index to reach 2478-2500. We suggest our readers to long SPY ETF against the S&P cash index at 2400, meaning buy SPY when S&P reaches 2400. Exit the trade when S&P 500 cash index reaches 2478-2500 area. Stop loss is when S&P 500 cash index falls below 2400 by 20 points.