- The S&P is very close to breaking the swing low of 1271.26 on January 20th.
- Lower tine of the Andrew's Pitchfork was been violated
- Several cycles converged the week of January 24-28 (see chart below)
- Classic RSI divergence
April 26 high: 1219.80
July 1 low: 1010.91
July 1 2011 + 208.89 days = January 25th
- The decline below the swing low has not accelerated and has returned back in to the congestion area.
- A continued rally that pushes prices higher than last week's highs would suggest that the bullish case has regained some influence in the market.