Mar S&P has been in a sideways range for the past two months and has been in an even tighter range over the past two sessions. This is not yet a concern for the larger bullish price pattern but failure to break up and away from the 50-day moving average (1421) over the next couple of sessions would be a short-term bearish signal.
That said the big three of sentiment, seasonals and price action still seem to be leaning toward the bullish camp. The equity put/call ratio is not showing the overly optimistic levels that have been associated with significant tops. The larger seasonal pattern remains bullish through mid-April and finally price action is not breaking any significant support levels.
As mentioned, volatility and trending measures, at least on the daily time frame, have sunk to low levels. This implies that the market is ready to make a strong directional move sometime soon. With the weekly chart holding what appears to be a continuation pattern the technical picture is pointing to a solid move higher.
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