MARKET TREND UNDECIDED

Although $SPX made a higher-high by $0.23, it did not manage a daily close above the previous high of 1,573.66. This is a condition, as was stated in our previous post, for a new uptrend signal. 

The move from 1,565 to 1,573.89 today was unexpected and presumably due to a short squeeze. 

We maintain our opinion that we need to wait and see, as advocated the last few days, what happens next: (1) A daily close above 1,574 would suggest that we move towards the 1,600-1,620 target, or (2) a move lower would suggest that we aim for the 1,500.