The uptrend underway since mid - Nov. is intact, but is not well defined. There is not as
yet solid confirmation for the short - intermediate trend although the indicators are moving
toward positive. Traders so far have shown no inclination to worry about a retest of the
recent spike low and rally, a development that has grown more common during the cyclical
bull. The SPX 1400 line is the last important resistance level to take out decisively. The
SPX has been unable to hold above the 1400 level with much consistency since late 2007.
So, staying power above 1400 remains a big deal. SPX Daily Chart
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