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Update
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By now you all should have been notified of the new standalone MM program to download and install. But some of you are behind firewalls (usally at a company location) and can't get into the standalone program. While that issue gets resolved I'll send out a couple of intraday email updates to keep you posted on what I'm seeing. Hope it helps some while the beta version of the MM goes through the updates. This is the mid-day post on the MM:

I updated the 60-min chart to show the whole rally from the March low (little scrunched to fit the new MM parameters for chart size) and the trend lines I'm watching. The SPX 840 level is where the broken donwtrend line from November and an uptrend line from the March low intersect today. As long as that level holds the price pattern remains bullish.

SPX 60-min chart:
[Image 1]

SPX may be forming a small sideways triangle consolidation pattern this morning (looking at a 5-min chart for this) in which case we should be close to seeing a rally leg out of it and to a new high. For the slightly larger price pattern the little triangle pattern followed by a new high should mark the completion of the rally so be careful chasing it higher if we get a new high above Thursday's--it could set a bull trap.

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