SPX Daily Chart - 21 March 2011

     The bounce that began last Wednesday morning hit the first upside target (TDST support -horizontal dashed green line) on Friday. The second target was the short moving average (red) which was hit yesterday. A continued climb would next point to the medium (blue) moving average at 1312. Key to any bullish hopes here would be a qualified break of the TD Supply line (downsloping dashed red line) which is at about 1317 today.
     My thinking is that this is just a bounce and not a move to new highs. The two indications that this thinking is wrong would be a qualified break of the just mentioned supply line followed by a break of the March 3 high which is labeled as a delta pulse. In price pulse theory this point should not be broken if the larger downward pulse has not yet completed. Over the near term my expectation is that a buy setup will have to form before we can make a meaningful move to the upside. As of now this can not happen until early April.
          Bottom Line: The daily chart remains bearish with the Timeframe Mix at a +50% reading.