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The State of the Trend

In case you were wondering what tune Ben is singing in the shower, here's a hint:

Oh, I get by with a little help from my friends,
Mmm I get high with a little help from my friends,
Oh, I'm gonna try with a little help from my friends.

It's nice to know that his little CB friends around the world went all in and pushed the talk about the end of QE to the back burner. This helped save the day, and the major indices are firmly above their 2007 highs, and the SPX is above our bullish pivot level:

SPX Chart

There's a minor speed bump ahead, best seen on the intraday SPY chart, which coincides with the gap zone created on May 20th, but once that level is overcome, the race to the old highs is on:

SPY Chart

In summary, the SPX continues to closely follow the seasonal pattern, and the risk of a deeper correction at this point in time is subsiding.

 

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