Chart 9 shows the Dow Industrials moving closer to a test of its fourth quarter highs near 18000. Given the steepness of the recent rally, it might run into some resistance there. But its trend is still higher. Chart 10 shows the S&P 500 moving closer to a resistance line drawn over its May/November highs. It may meet some resistance there as well. But it’s trend is also higher. Earlier in the week, I showed the NYSE Advance-Decline line testing its 2015 high.