Another up trending price bar on Tuesday as the bulls have now pushed the cash S&P500 back above the June 11 high. In my cycle work (price pulse theory) the break above 956.23 (June 11 high) implies that this is a new up leg in the rally that began in March. It (the Level 4 Alpha pulse) began at the 869.32 low and will last at least until the Autumnal Equinox.The Level 4 Alpha pulse will be composed of at least three pulses on Level 3. Currently on Level 3 an Alpha pulse is underway from the July 8 low. There will be a downward Beta pulse and an upward Delta pulse to come before this rally from March 2009 can complete. The latest (in time) Delta should complete is by the end of October.
On Level 2 we are getting towards the end of a Y pulse. In fact, the completion of the Y pulse may be coincident with a TD Sell Setup. We are on bar seven (see today’s chart) of such a nine bar setup now. Today will become bar eight as long as we don’t close below 940.74.
Right now the daily chart is bullish with the most immediate target at 968.
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