MID WEEK UPDATE

Market has started the week grinding higher and the uptrend is holding above 4961. The weekly upside range at 5000 has been hit today. The uptrend remains at risk as the market has been unable to push higher despite good support. iQuant expected limited upside two weeks ago and the market has risen less than 1% in that time.

The short term daily report shows a grind higher as the bulls continue to push for a breakout. Weakness has been avoided as supports have held. A close above 4961 this week will confirm the uptrend and long positions can be held. We continue to expect weakness and wait for the supports to fail.