S&P daily chart with moving average, MACD & McClellan Oscillator
See the channel that both the Dow and S&P made from the March 09 lows till now. Moved in a perfect upwards channel since then.
The Dow and S&P hit the base of the channel which is also where the 50 day moving average is now at. At the same time, the McClellan Oscillator is at an all time low of -300. This indicates that there is no more bearishness in the market. We might be getting a bounce over the next few days.
I believe that this bear rally that began on March 09 should hit 1,125 on the S&P and 10,345 on the Dow before beginning to turn back down.
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