SPX Daily Chart - 28 April 2011

     In retrospect I am not unpleased with taking some cash off the table during the time that the daily chart was in bearish mode (from February 22 to April 27). However, one of the things I was wanting to find out during the correction was something I wrote about in late February when discussing the monthly chart:
     "One thing I will be tracking closely is the notion put forward by Connie Brown that signals 'roll downhill'. The implication being that weekly and daily signals are suspect without the higher timeframe signal in place."  I now put forth the hypothesis that the just experienced correction never went deeper (by becoming a change in trend on the weekly chart) because we never had a signal on the monthly chart.
     I will revisit this topic beginning with my post on Monday which will be on the new monthly chart for April.
     Bottom Line:  The allocation mix meter has been raised to +75%. With the RSI breaking above the zone reserved for resistance in bear market rallies we have confirmation that the daily trend is up. As far as price goes, the first TD Trend Factor target off the March low is at 1391.7 and is marked on the chart. 1391 is also 240 degrees up from the April 18 low.