Ascending Triangle?

The market didn't do all that much today despite Bernanke's remarks and it seems like the market has been correcting more in time terms than price so we should see the resumption of the rally soon. The Trend Avg is now at 1663 and soon will catch up to the market, which is a very bullish sign. The last time the market refused to test the TA and instead "waited" for the TA to catch up was in January when it was in the high 1400's and where many "professional" traders got caught off guard shorting. So unless the market goes down substantially tomorrow, I think the market is about to take out the all time highs. Lastly, the market could be putting in an Ascending Triangle targeting 1696 on a break out.

I continue to stay on the sidelines to wait for a short term opportunity. My longs are looking a little better now so hope they will stage a big rally soon to break out of its range.

Main S&P 500 Trends*

Short Term Trend = Bullish

Medium Term Trend = Bullish

Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.