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Well, the XJO won out over SPI as I suspected and new highs seem likely.

In the normal scheme of things a measured more gets us to 5900+ as the next target but the high indicator levels on longer term suggests it may be a topping process instead like leading into last May, with one more slight new high or even two that could run well into Feb. Certainly there are many similarities.

SP500 has not violated any topping ideas and gains where they were were modest. Stocks like GE and IBM etc were nasty and in my mind still does not give the US market an A rating. A day or three should give a better idea.

To follow up the original point, it is my experience than when one sees a conflict between our cash (XJO/XAO) market and futures (SPI) the odds strongly favour the physical over futures. Most of last week I had XJO momentum positive and SPI negative to neutral and SPI discounts growing.

I don't suggest that it will always work out that way and I have never tried to put a percentage risk/reward on it but the odds are overwhelming.