SPX Weekly Chart - 15 Apr 2011

     Actually I don't have much new to say about this chart. After registering a countdown 13 bar the cash SP500 has not exceeded that high for eight weeks. However; we are still well above TD Support at 1219.5 and, as the standard deviation channel (in purple) shows, have been moving essentially sideways and have yet to see a change in trend
    It is of note that during the run up from the March 18 low (a retest of the February high) the RSI (top pane) moved right into the area reserved for resistance (parallel red lines) in bear markets and then failed. The RSI has NOT signaled a bear trend on this chart yet, but often times such a signal will begin with a reversal in this area. The bears now want to see price decline with the RSI slipping below the point marked on the chart.
     Of course there are always two sides to the story. Bulls will want to see the TD Supply line (in red) broken with the RSI pushing up above the 67 level. But I think the burden is on the bulls here.
     Bottom Line: The weekly chart continues in a bearish position and will need a confirmed break of the 1363.53 risk level to return to a bullish position.