As was speculated here last weekend the failure to break cleanly below 869 on Monday has lead to a bounce in the equity market. That bounce is threatening to become more; perhaps even a new upward leg in the rally that began in March.The up trending price bar on the weekly chart of the cash S&P made a qualified break of the current TD Supply line (downward sloping dashed red line on the price chart). That break, if confirmed, projects to a minimum target of 970.21. Any price above 943.96 this coming week will confirm the break. More importantly the break of the supply line promises a move above 956.23 (June 11 high); which in my cycle work, implies a rally that lasts at least to the Autumnal Equinox.
Bottom line: I will take on a bullish view for the next couple of months if we break above 956.23 this coming week.
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