The S&P 500 ETF (SPY) is up 3.3% in the last six trading days or month-to-date. This is the sharpest 6-day advance since early December. There is, however, a big difference between the early December surge and the current surge. Looking back, I identified four times when the 6-day Rate-of-change indicator surged above 3% from zero or negative territory. The blue lines show surges occurring after a pullback. These surges signaled the start of a new leg higher. The early November surge occurred within an extended advance and foreshadowed the November correction. The current surge looks more like the early November surge, which was a buying climax of sorts. This is, of course, just the opposite of a selling climax. Also notice that SPY is trading near the upper trendline of a rising price channel. Yes, it looks like the bears have another Dirty Harry moment. Well, bear, do you feel lucky?!