Swamped at work today, so this will be a quick one. I'll be using the daily chart.
notice the following:
-- The uptrend that started in mid-July is still intact.
-- The 10 and 20 day SMA are still rising
-- The 10 day SMA is higher than the 20 day SMA
-- The 10 day SMA is approaching the 50 day SMA
-- Prices are still around the 50 day SMA level. That's a crucial hurdle for the market to overcome if it's going to move higher.
Just as a note, we're still in a bear market rally. Notice the clear lower low, lower high pattern the market is is right now. Prices would need to break through the downward sloping line connecting the tops of the prices. That's about 5% from current levels. In addition, to hit that level, prices would probably have to move through the 200 day SMA which has provided strong upside resistance thus far. In other words, breaking through the upside resistance looks pretty tough right now -- especially in a recessionary environment.