The hourly chart below shows that this week’s break above last week’s 797.3 high reaffirms the secular bull trend and leaves Thur’s 777.1 low in its wake as the latest smaller-degree corrective low this market is now minimally required to fail below to confirm a bearish divergence in momentum, break the portion of the secular bull from 26-Feb’s 720.9 next larger-degree corrective low and expose at least an interim correction.  In lieu of at least such sub-777 weakness, the trend remains up on all scales and should not surprise by its continuance or acceleration.  Per such, we’re defining 777 as our new short-term risk parameter from which shorter-term traders with tighter risk profiles can objectively rebase and manage the risk of a still-advised bullish policy and exposure.

On a broader scales, it remains clear that the clear and present and major uptrend remains as THE absolute dominant technical factor with a failure below at least 26-Feb’s 720.9 next larger-degree corrective low required to break the uptrend from even 20-Jan’s 629.8 low, let alone threaten the secular bull trend.  Per such, this 720.9 level remains intact as our key long-term risk parameter this market is required to fail below for long-term commercial players to neutralize exposure and circumvent the depths unknown of a larger-degree correction or major reversal lower.  In lieu of such commensurately larger-degree weakness, the secular bull trend remains entrenched with the market’s remaining upside potential indeterminable and potentially extreme.

On an even broader scale, the monthly log scale chart below show the market still making new all-time highs after breaking 2008’s 769.9 previous all-time high.  In effect, there is no resistance.  The only levels of any technical pertinence currently exist ONLY BELOW the market in the form of previous corrective lows of various scales like 777.1 and 720.9.  And until the market proves weakness below such levels needed to confirm bearish divergences, the secular bull trend remains intact to levels indeterminately higher as there is no way to know how high “high” is.

In sum, a full and aggressive bullish policy and exposure remain advised with a failure below 777 required for shorter-term traders to move to the sidelines and commensurately larger-degree weakness below 720.9 for longer-term commercial players to follow suit.  In lieu of such weakness, further and possibly accelerated gains remain expected.