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The 10 day average of advancers-decliners is nearing the overbought range for a counter trend rally. Again, IF this is a bear market rally, it should be topping soon based off of past tendencies.
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The ADX is showing a non-trending upward move since the October low in the S&P 500 on the weekly chart. Many times the MACD will reverse at or around the zero line on a correction against the trend. Look at the MACD in the summer of 2010. It went slightly below the zero line then reversed. A similar thing may happen here as the S&P 500 approaches overhead supply/resistance.
Looking at all the technical information, I don't think the market is in good position here to make a sustained rally. The moment of truth is close at hand though.
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