SPX sneaks out…

Posted on Apr 26, 2015 by in Letters

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p09524411098&a=266398464

So far we would call this a sneakout rather than a breakout, but it is progress.  Whether or not this marks a surrender by the bears or not is yet to be seen, but like new tulips, green shoots are appearing and modest buy signs are cropping up.  Here we see the upper bounds of the  ?triangle? we mentioned a short time ago being penetrated-- a buy signal for the aggressive.  Contrarians will short this as they always do, so there will be a pullback in all likelihood, but it looks to us like harbringers of spring.  Buy signals have also appeared in the Qs (Friday was emphatic).

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