Awesome!

There is only one word to describe what the bulls accomplished yesterday: Awesome. After a gap higher at the open, the bulls stampeded through potential resistance at 917 from the intermediate (solid blue) moving average and the weekly TD Supply line at 915.71.

My position on the question “Has the rally that began in March resumed, or is the action over the past few days just a bounce before a deeper/longer correction?” has been that the uptrend has resumed if we can qualify and *confirm* a break of the current Weekly TD Supply line. We have now had a qualified break and only confirmation is required, which can come as soon as Monday.

An important aspect of my cycle work is staring me in the face here. Any move above 956.23 (the June 11 high) will mean a *mandatory* rally lasting to at least the Autumnal equinox. This makes sense when viewed within the context of the weekly DeMark chart. To get to a TD Sequential Sell signal we need at least ten more weeks of upside action from here.

Bottom Line: My bearish view will be abandoned on a move above 956.23.