Never a dull moment in these indices lately.  The SPYs have pivoted to the upside off of this morningââ,¬â"¢s new reaction low at 132.65, and have recovered to the 133.66 level so far ââ,¬â€œ in sympathy with the continued plunge in crude oil prices and perhaps more importantly in sympathy with another run in the DJIA towards a new all-time high above 11,750, which as speak is just 10 points away.  Fasten seatbelts.  This could, and probably will, get very interesting ââ,¬â€œ when the Dow makes new highs.  Sustainability and upside follow-through will be key for the Dow.  Anything else will be very disappointing to the other equity indices.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.