Trying a high for the week

The market has continued to push higher and it's looking like there will be effort to get a high close for the week. Whether or not we'll see the market hold up into the end of the month (next Wednesday) remains to be seen. The little pop higher in the late afternoon has the Dow poking above the top of its rising wedge, which is near 26550, and it will be bullish if it stays above that level. But a pop above the wedge followed by a drop back inside the wedge would be a sell signal. We'll obviously have to wait until Monday before we'll find out how it's going to play out.

The top of a rising wedge for SPX is a little higher -- near 2878 Monday morning, so about another 10 points higher. Like the Dow, SPX is showing bearish divergence at highs since January 16th and therefore I would be very careful on the long side here.

SPX 60-min chart