A minor uptrend has emerged since the March low.
Here is the big picture of the S&P 500 Depository Receipts (AMEX: SPY, Bullboard), accompanied by the juxtaposition of the nine- and 20-day "Adaptive MAs," which are similar in sensitivity to the exponential MAs. In general, what we see is a very neutral near-term picture, with the MAs flattening out and trying to turn up. From a price perspective, since the March 17 low let's notice that the SPY has carved out a series of higher-highs and higher-lows, or a minor uptrend. Yesterday's powerful thrust appears to be the next attempt to put upside pressure on the "flat tops" established during the February–April timeframe, which if hurdled should unleash a powerful upside follow-through that tests the major resistance line around 143.00. At this juncture, only a decline that breaks 133 will begin to compromise the current constructive pattern.
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