The S&P 500 touch the trendline of the last two highs and sold of. The trendline at 3018 as an important resistance and we need to close above it to break out to new highs. While a failure can be bearish the rally so far appears to be nine legged. A nine leg move is typically impulsive and therefore I have market is wave one. The moving averages at 2961 are support in case of a knee-jerk reaction in wave two. Breaking past these highs will be an important test for the medium-term trend to develop.