Daily time frame:
- The 100 dma once again has prevented a source of distress for the equity bulls (Fourth time since January)
- Once the 50 dma has provided a springboard (tested on Wednesday) with the help from the FED, SPX has ended the week back above all the major moving averages.
- Therefore the conclusion is that Bears have failed to jeopardize the trend, which remains firmly up.
- Odds should favor new ATH
- In a potential pullback the range 2093 – 2085 should hold (If bulls have regained the upper hand the 20 dma = 2089 should no be breached)