Test Complete

The test of February's high has now been accomplished.  The question on the table now is whether we're in a new rally leg higher, or whether this test of resistance will enable price to resume a more lasting downtrend...

While I've not committed either way yet, I did establishe another call spread position in July SPX.  I can quickly add a July put spread too if price shows that it has the strength to surmount this area and continue higher.

Some other notable markets:

Silver:  Taking a breather

Bonds:  Gaining momentum for an attack on resistance.  Important test coming up (naturally, at the time that equities are testing resistance).

USD: Sinking below the lowest levels of the '08/'09 financial crisis.  I see a clear three waves down and don't expect that additional declines of any significant magnitude are imminent.  Nevertheless, this chart clearly displays the erosion of confidence in the US economy.