It was another strong day (and week) for the bulls. There is now little room for the bears to keep the current leg of this decline (from October 2007) going: they need the market to decline immediately this week.All retests of previous highs (1388.34 and 1386.74) have been successful except for the last barrier of 1396.02. Breaking that last mark would imply to me that the low associated with the vernal equinox will hold for quite some time. The cash S&P500 would have “time” to rally; i.e. for months - perhaps into next year. How much price would be consumed in this time period is another matter.
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