The sp500 has been basing sideways for about 2 weeks. The market is neither going down or up. But my sense is that it wants to blast higher again into 4th July 2011 for a while.
However I will not switch to a new BOT Long signal unless we see the sp500 close and break above 1296.
There is still a potential bullish path and bearish path for this market. Why? Because we are still in a higher low situation relative to the mid March 2011 swing low of 1250. 1250 has not been violated or confirmed with a close under it. So that still leaves the bulls a chance to stage a rally here into end of June month and perhaps some follow through into July 2011.
I was going to be aggressive and just switch to a BOT long signal right now because there does seem to be enough evidence we will blast higher again, but I would rather wait until we break above the current rectangle trading range.