Still waiting for new high

The market tested the TA today and bounced right off despite another earthquake in Japan and $110+ oil, which basically tells us there are not enough sellers at this level despite the bad news. So I am still waiting for the W5 to materialize perhaps tomorrow or Monday. The TA is moving up and usually there is a strong move when the market average and the TA coincide, so I am staying put and waiting for the right time to jump back in the market.