The uptrend has broken out but gains were not maintained. The uptrend enters its 9th week with resistance for the first time. We expect further congestion as the market finds direction. Short term indicators suggest the market may hold early in the week before a sell off. International markets focus on SP500 at 1660 after breaking down from 1690. The short term daily report is in a downtrend and we expect selling to continue. The flat trend and limited upside indicates a neutral position and we wait for the long established supports to fail. We expect the 9th week of the uptrend to be the last and 5145 is the likely peak for the rally.
ulls continue to hold gains and monthly support at 5060 has held. A break above 5095 will target the 5145 peak. A close above 5040 next week will continue the trend. The 9th week of the uptrend shows no resistance above 5145 and break of this level will target 5218.