The cash SP500 broke out to the upside yesterday and sliced through the medium (blue) moving average. The next upside target is resistance in the 1313-16 area caused by: previous TDST Support, the daily long moving average and the weekly short moving average.
The hourly chart has reached ten in its sequential sell countdown and will be the focus during the day today.
Bottom Line: The allocation mix meter is at +50%. My near term scenario assumes that an intermediate term low is in and that a choppy rally will now take us back above the 1344 level. However; I remain quite concerned that the rally high from the 2009 low was made on May 2. As such, any break below the March low of 1249.05 will cause me to lighten my position even further as the allocation meter would fall to +25%.
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