The cash SP500 is in an Intermediate degree Y pulse from the brief consolidation of late November. The uptrend from the July 2010 low can itself be viewed as a Medium degree alpha pulse. Whenever the y pulse has exceeded the previous delta pulse high in a trending market the beta-x trendline should be monitored; and you can see that we just bounced off that line.
A valid break of the intermediate beta-x trendline would warn of a retracement towards the medium term beta-z trendline which currently sits at about 1090. The intermediate level price pulse analysis should be complemented with the weekly DeMark chart and I will show that tomorrow.
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