Option Investor
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The SPX has broken it March 26th swing high confirming the March 30th swing low was indeed a higher low so the trend remains intact, upward.

I thought the SPX should retrace back to at least 750 before it took off on its second leg upward thinking retracements are healthy for trends because it gives the overbought (or oversold in a downtrend) a chance to burn off before it becomes overbought again. I guess the market had a different thought process. In any case we have a higher low and now a higher high and the bulls have control, no doubt about it.

The next level of resistance is the February 9th swing high at 875. It will not be a straight shot upward but I suspect a series of higher highs and lows. My crystal ball (MACD) does not tell me how long this will take or what will happen when we get there but keep in mind the weekly MACD is quite bullish.

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