SPX Weekly Chart - 8 July 2011

     Not much change on this time frame from my last posting; although believe it or not, we just had the second highest weekly closing price since the March 2009 low, and we've now achieved my 1344 target level.
     The current 'y' pulse rally can move us to new highs but I don't expect that. Instead I am expecting to see topping action before we reach the delta pulse high. Key will be the old sequential 13 risk level (shown by the horizontal cyan dashed line) at 1363.53 and the current supply line (the downsloping red dashed line). Let's see if the bulls can break them in a qualified manner and let's also see what the technical indicators look like if and when we get there. I particularly want to see if the RSI can get above the 63-67 zone.
    Bottom Line: The allocation meter is at +50%.