Status Update for S&P500 in Daily Timeframe

With the previous post putting forward an excellent technical argument for the continued rise in the S&P500 index ($SPX) (ok well actually the ES futures contract), I have captured a frame of the current status of the Daily chart for this index.  The price action pierced the 200day moving average (MA) (1102.41), rebounded to almost touch the MA price point again (1104.60) before retracing back down on Monday and Tuesday.  Wednesday and Thursday has seen strength return with today's high again almost touching the 200day MA before retreating again.  


Tomorrow is NFP report and some early thoughts are that it will come in with a good number - good being positively perceived - not anything of the truth likely but that's not important, right?  This could send the price breaking through the 200day MA and up to the levels noted in the previous post from Slope of Hope.


As an aside, it is interesting to note that the MA's crossed over June 23 and prices have climbed smartly into the end of May.  As we see now these averages are converging again and might foretell the coming decline - though they did a little head fake in early February.  As I noted, breaking up through this MA and climbing to the 1143(1150) levels might just put it in touch again with the 50day MA from which it might well repel.  


As Always.  Watch and Learn.  Watch and Learn.