I begin the weekly update with the same SPX daily chart that I published on March 29
Last Friday we did not know if price was going to break the sequence of higher lows. We ended the week below the 50 dma with a sort of Shooting Star
In addition SPX had three failed attempts to sustain the uptrend above the December high.
The good news is that SPX has ended a solid-constructive week reclaiming and retaining both the 50 dma and the December high.
Is the fourth time the charm?
In my opinion as long as SPX does not drop again below the 50 dma odds now clearly favor the resumption of the uptrend with a shot at a new all time high provided that the trend line that connects the February and March highs does not delay it with a potential Triangle.