The cash S&P500 rallied yesterday, formed an up trending price bar and failed to confirm Monday’s break of the TD Demand Line. Instead, the upward price movement qualified the TD Supply Line (dashed down sloping red line) and is nearing yet another new rally high. Even though we are working off of a complete a TD Sequential Reinforcement (otherwise known as a 9-13-9 “sell” pattern) my price pulse work insists that a new high is required before any talk of a significant or long-lasting correction can begin.Bottom Line: Still bullish and waiting to see a price recorded above 1074.77. Without such a move any decline here should be considered a pullback within the on-going bull run. It would take a move below the September 2 low to change my mind.
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