...moving along, the index traded past the 7 December 2007 wkly High *1510.63 with yesterday's High *1514.41, on way to take out the wkly 14 December 2007 *1523.57 as the next upside target ahead - as the market has been trading higher, availability of stocks has declined to the extend that only a pullback can provide the logic for the market - currently testing trend line support *1494_1500 (drawn off the 8 January 2013 Low *1454.63)
...long trending Fed. liquidity_institutional investors_foreign liquidity inflows have supported the advance at very high levels and as long as inflow levels remain above support, the market will extend into new all time Highs above the 5 October 2007 wkly High *1576.09
...for the time being, a sideways correction above the 21-dsma current *1484.54 will improve the availabilty of stock - however improbable, a decisive break below the 21-dsma would indicate further weakness ahead and challenge the continuation of the current bullish advance
Kind Regards
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