Today's Action Confirms S&P 500's Bullish Trend

With this morning's move on the S & P through the 850 mark, the trend has now changed to positive. Since breaking down and violating the bullish trendline in June of 2008, the index embarked on a long series of lower lows, only briefly showing false upside breaks.  Today's move is big- a technical game changer- changing the longer-term trend to positive, meaning investors can expect more meaningful follow through from here, even though we have slightly overbought condition currently.

In other words, the market has exited the south-bound freeway and has indeed jumped back on the interstate heading north.

To put a finer point on it, the Dow and NASDAQ still have some work to do before reclaiming their own positive trends, but the Dow merely needs to get through 8400 and the NASDAQ through1660 to confirm the S&Ps move to a longer-term bullish trend.

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