SPX Daily Chart - 29 March 2011

     The price action over the past few days can be characterized as consolidation after a qualified break of the alpha-delta trend line (downsloping dashed red line). As indicated on the chart the next upside target level is 1332.28.
     Of new interest is the growing possibility that a new TD Sell Setup will be completed at the close tomorrow (Thursday). If the current 'y' pulse rally is going to end soon that is a good 'time' for it to do so.
     Bottom Line:The daily chart remains in a bearish mode and hence there is no need for me to adjust my allocation mix which stands at a +50% reading. What would turn this chart bullish? A qualified break of 1345.5, and I don't expect that to happen within the near term.