SPX Weekly Chart - 8 Apr 2011

      After registering a countdown 13 bar the cash SP500 has not exceeded that high for seven weeks. However; we are still well above TD Support at 1219.5 and so we can characterize the price action (so far) as corrective rather than a change in trend.
    As explained in the last weekly report, a retest of the February high is underway while the RSI (top pane) has moved right into the area reserved for resistance (parallel red lines) in bear markets. 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.
     Bottom Line: The weekly chart is in a bearish position. As we watch the retest of the February highs keep in mind that it will take a confirmed break of the risk level of 1363.53 to return this chart to a bullish position.