everything is set for the market to break through the February highs. I believe it will probably happen this week. The 10 day SMA has crossed the 20 and 30 day EMA indicating more upside to come. The constant chatter about the market being overbought does not "jive" when you look at the February highs when definitely the market was overbought. The market has more upside room before reaching extreme overbought conditions. Momentum is now up and rising. MACD gave a market up call last week and we are now definitely in positive territory. Finally all the complaints about low volume again is just chatter. Looking at the volume for the past few weeks shows that we are averaging around the same volume most days.

Looking at the overall market presently it is trading at about 14.6X earnings. In 2007 when the market topped out it was over 20X earnings and in 2000 when the market topped, it was over 40X earnings. Everything is in place to break the February highs. Just how much farther after that is anyone's guess right now.