SP500 technical update $SPY

·         SP500 technical update - Sees 1123.73-1125.12 hr gap, and closes above the 1130 Jan range break, on strong breadth.  Near term consolidation fails to materialize. As long as the 1115.71-1116.51 Mar 2 hourly gap, and 1116/1112 holds, the market can see a retest of the 1150.45 Jan 19 peak. Note 1145-1159 macro objectives. Includes Feb channel high, and Feb 5-Feb 25 equality. The S+P has neither seen its high (nor low) for this year. The NYSE cumulative A-D line continues to score new highs.  Cyclical bull markets tend to top 6-8 months after that indicator has peaked. Our 2010 Outlook suggests a range view between a 950/1000 low and a 1150/1200 high, with a best case to 1229/1240. Below 1112 reseeks 1107-1105, then the 1086 Feb 25 low. Held the 1076.75-1079.13 Feb 17 hourly bull gap. Feb’s 1144.50 upside reversal month held the 1043 July 38% retr/4th-wave obj.  M Krauss