Morning Update-SPX,MID,SML,& XLU

S&P 500 chart (SPX) - Daily chart
The SPX is in a reverse symmetrical triangle pattern. The SPX looks like it is going to try and make another attempt at the top trend line and double hit the previous highs. Should the SPX pass through 1294.90 then it would have a a parabolic up move out of the RST, and it would make new all time highs around 1330. This is a chaotic pattern-which goes parabolic and creates shock and awe. The SPX chart may look toppy, however it keeps going higher. Indicators and oscillators are bullish. Remember bulls live above 1246, yet bias remains neutral.

S&P 400 Mid Cap Index (MID)- Daily chart
As I have reiterated before, the mid caps and small caps continue to out perform the market. The daily chart of the Mid Caps shows that it has been going up steadily and staying in its uptrend channel. Today the MID is at a new 52 week high up 0.46% at 775.27. Indicators and oscillators are bullish and continue to make new highs along with price.

The S&P 600 Small Cap Index (SML)- Daily chart
The daily chart remains in its reverse symmetrical triangle (RST). As always, the general rule of thumb is, that higher highs are bullish even though this pattern itself is treacherous. The RSI on the daily chart is heading higher, the stochastics are bull flagging, and the williams% indicator is bullish and trending. It remains to be seen if this pattern will over shoot the upper trend line and turn into a continuation RST. Do not let this pattern scare you out of the market and prevent you from trading.

Utilities Select Sector SPDR (XLU)- Monthly Chart
The monthly chart of the XLU shows just how strong the utility sector has been for the last 3 years. As you can see it is within pennies of making new all time highs. The RSI and PPO are making new highs along with price. Therefore another leg up is on it's way for this sector. This month the XLU is up 3.19% at $32.39.