Stock Market -- Technical

Gee, how often does the market do what you advise it to
do? Last Tuesday the technical post hinted at immediate
weakness -- the market obliged -- and opined a drop in the
SP500 from the 1428 level down to 1420-1410 could set the
market up for a more reasonable rally. Again the market
obliged. The market now features more stability, is in a
short term uptrend and has solid enough technical credentials
although it could be getting a little overbought short term.

The recent rally does not leave me in that happy a position. The
short term trend deserves respect, but my intermediate term
indicators continue to suggest the market remains in a topping
process that could run for several more weeks. So, for now, I'll
watch along and we'll see whether this rally has some staying
power.