Can Bulls Push Cash S&P500 To a New High?

The bull charge continued on Thursday as another up trending price bar was formed in the cash S&P500 index. Nothing has changed since my report yesterday as the important attack on the June 11 high is underway.

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

One “bearish” (for equities) item I continue to watch is the action in the CRB index. Since the March low equities have been moving in tandem with the CRB. However, after they both sold off from the mid-June high, the CRB index has not staged a strong, dramatic rally like the equities over the past week. Yes, there has been a rally, but it looks much more like just a bounce in a continuing downtrend.