stock market update

Here are daily charts showing the S&P 500, the Dow, and the New York Stock exchange advance-decline ratio. The market has been trading essentially sideways for the last four months and I am using the "majority rules" approach based on the three, 50 day moving averages (green wavy lines) for each of these indicators.

For the moment the S&P 500 and the advance-decline line are both still above their 50 day moving averages while the Dow broke below its moving average yesterday. As long as two of these three indicators remain above the indicator's moving average I will presume that the trend is upward. My upside target for the S&P is currently 1775.

Should two of these three indicators move below the 50 day moving average I will turn bearish and start looking for a move to the low end of this four month trading area.