For the third week in the row the S&P 500 has established a clear well defined trend. Unfortunately, the direction has alternated leaving the S&P 500 back near the close from two weeks ago at 1261 (today's low 1261). The weekly S&P 500 chart shows the trading range (1287-1259) that has developed following the early Jan 52-wk high at 1294 which stalled at a long term trendline resistance. While this leaves the overall tone neutral, the topping action on the chart at 1294 and the divergent posture of the weekly indicator need to be kept in mind particularly with the index closing the week under its 50 day sma (1269.09) for the first time since early Nov.
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