IWM (representing the Rus'2000 small cap)
Still yet to break May 2011 highs. First target remains 86/87, then upper bol' of 89/90. The Fib' extension- equivalent to sp'1550 would take IWM to around 100 by late summer.
Dow'30
The Dow is comfortably above its summer 2011 high, and if this past week was a successful test of support, we can soon expect dow to hit the upper bol' of 13500. The Dow will doubtless be the next main index to make a challenge of the 2007 high by early summer.
NYSE Composite
Still almost 10% below the 2011 high - and is arguably the last real evidence for the original bearish case.
SP'500
The SP' is due to test the semi-important April'2008 (pre-wave'3 stage'1) spike-high at 1440. What happens then will be important for the broader market. Right now, the trend is very steady, and an attempt to 1550 looks very viable.
Transports
The 'old leader', a very narrow sector to follow, but still, if the March low is in, then April should see a move above the 2011 highs. That would suggest at least a further 10% up move, probably equivalent to at least another 5% on SP' - so, the SP' would get to 1460/70 - which in itself would likely open the door to 1550.
Wilshire 5000
Quite comfortably above the 2011 high, and seemingly on a steady move to test the 2007 high. A very bullish sign for the broader market.
In Closing
There is very little left to support the notion that further upside is not likely in the very near term. The Dow has broken above key levels, and the huge Wilshire 5000 index is also above last years May high.
Certainly, there will be some significant resistance in the months to come, notably sp'1440, but if we do see SP' in the 1450s/60...it'd seem almost a guarantee that we'll see the market continue to melt upward to around 1550 by mid/late summer.
It would be very pleasing to see the market fail to break sp'1440 in the coming weeks, and a multi-month fall back down to the channel line of 1150 by early Autumn, but right now, that is merely a 'hope', and the scary reality is that right now...the primary trend IS up.