Numbers. Not words. You play the words, I play the numbers. Actually this is the only equity market long (= investable) on a medium time frame, apart from all its technical and fundamental problems (margin debt, valuations et alia). European markets are on average much weaker and still in Bear Market, as is Nikkei. Signs of life from 3/4 of BRICs and EMGs, but that’s not enough. This model, as you can easily see in the ProRealTime charts below, has a really strong track record through decades.
The buy signal would be denied and reversed by a monthly close below 1920. In that case, since now on, be prepared for the worst because equity line analysis is clear about the coming of a volatility spike in next months.