The S&P Index rally remains intact as Helicopter Ben didn't disappoint. Even though a new recovery high was reached, the move was anticipated by the corrective RSI signature I spoke of in my 4/20/2011 daily commentary.
RSI has pushed through 60, the area where bear rallies end. ROC has also crossed the zero line, another bullish signature.
Here is the updated weekly chart ... the bullish count. Today, 1346.25 stubbornly gave way leaving other potential targets in play. Keep in mind that any meaningful advance above 1381 negates the bearish view where w.4 would still unfold in a running triangle (not shown).
For tomorrow, price has limited upside potential as the upper Trendline of the Detrend Osc. should provide resistance.
Turning our attention to the 30 minute chart level, the subdivisions of w.5 are unfolding. By the close, price had met a logical price objective were w.(v) of w.5 = .618{w.(i)-(iii)} yet the final subdivisions appear to need one more push up to complete the count.
Let's see what develops tomorrow.
Best of Trading
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