Rcks - I agree with ya. The Monthly Phase II is now going into the 9th month, so that's going into the halfway point. As you said the Weekly price is now well above the UTL. Next week we could get a Bull crossing on the Weekly MACD, that could as you mentioned accelerate the upward trend. Something to watch on the weekly chart is the EMA 8, normally when it crosses above the UTL it is indicating an OB condition, at that time the price may pullback until the EMA 8 crosses back below the UTL. At that time the SPX 60 min may give us a buying opportunity.
Also currently the EMA 8 is above the Daily UTL and the Monthly UTL. This was the 1st month of this Phase II that the EMA 8 was above the Monthly UTL, so that is of little significants at this point, it could ride above the EMA 8 for a couple months before a major pullback. However, the Daily & Weekly EMA 8 will normally follow the UTL as the price trends upward for the most part.
So next week we could either get a sideways movement to let the UTL catch up with the price or go higher and then pullback. However, the bottom line is Bullish.
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