WEEKLY MARKET UPDATE

The long term trend remains up.  As you can see from the weekly SPY chart the week closed up strongly from the previous week.  While short term this is bullish I would still call the intermediate term trend undecided or neutral.  For the past four months the market has been chopping up and down between the upper and lower green lines.

CONCLUSION

Based on the most recent price action aggressive traders may wish to re-establish buy positions in the anticipation that the market will continue the up trend if it breaks out above the upper green line (August high).  Personally, I would not establish any new buys until the market either breaks out above these highs with authority.