Weekly View Assessment of The Trend

Correction In the chart: #6 - Small Businesses pissed-off at the President on his lack of follow-through with the Economic Stimulus Plan.

Back in 2003 when the weekly UP trend began the price never traded below the Blue MA. My expectations for this trend is the same unless there is another financial extraordinary news or the unemployment continues to kreep up or the Dollar starts trending up ( not before Helicopter Ben hints at rasing rates) or a combination of all.

Looking back to the beginning of this advance, there have been a total of nine breadth surges of better than 9 to 1 up volume vs. down volume which have occurred during the early weeks or at the start of each new rally. These predictive days have already been proven correct. They have no upside limit though so higher highs can still be ahead.

Three weeks ago there was another breadth surge. This time it was a 16 to 1 up vs. down volume rally on the NYSE. Watching for a second such day to confirm a bullish signal based on this indicator.

The target for this rally is still SPX 1119.31, only 1.1% higher based on Friday's close. A decisive close above SPX 1119.31 would point to a run to the next resistance level, at SPX 1226.