If the S&P can get above the March high it will right translate the intermediate cycle and open the door for a test of the all time highs by the August 1st FOMC meeting.

I believe it will succeed in breaking through this resistance.

We’re still waiting to see if the banks can finish the undercut. It’s starting to look a little iffy today though. They may fail and if they do we’ll be off to the races soon. I’m starting to hear talk of $1000 gold. That has been a universal sign of bottom in the past. Once traders become irrational enough to entertain visions of a completely unrealistic target that means we’re just about done with the correction.