Just as the bears start to have things go their way they wake up to a rally like this with price bouncing off its uptrendline support. Price resistance is the late Feb/early March high at 1371.25 that recently broke down. Take that out and it could be up,up an away once again. The bears have had their heads handed to them despite very bearish fundamental including European financial chaos and other world wide financial woes that has seen all the brand name traders and analysts bearish and either short or on the sidelines. Read any stock site and you'll see the novices quoting the bearish brand name hot shots of the financial world and loading up on double and triple bear ETFs all through this non stop rally from Dec only to see them crash and burn with the market ignoring all the bad financial news. Even the bulls since late Dec haven't had so much as a mild pullback to get long. Each index option expiration has seen massive put positions expire worthless every month since Dec. And this market just keeps trucking along like the Energizer Bunny. It won't go on forever and this is the time of year historically that sees a top in April and a late spring/summer selloff. Meanwhile this market just wont give up just yet. Like the old commercial that says "There will be no wine until its time." So timing wise your cycle is likely right on track Randolf. Just need the chart to cooperate now...................................