An impressive showing for the bulls as they were able to push the cash SP500 over, and then close above, key resistance. That resistance at 1186 was composed of the medium (blue) and short (red) moving averages as well as the TD Supply line. There was a downside though: the break was an unqualified one. This means that we need to be suspicious of this being a false breakout.
So once again we want to see if the bulls can provide follow through to the upside. Their immediate goal is to break 1204.40 to indicate that the delta pulse is underway. The next upside target would be 1245-47. If the bulls can't follow through then we will have to watch what happens at the demand line (horizontal dashed green line).
Bottom Line: Until further evidence develops or we break 1121.09 I think that the bullish potential over the near term should be respected. My mechanical allocation mix meter is at +50%.
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