With elections over and Feds behind their back bulls pushed SPX above April's high. One strange thing I noticed is that the price is way above 5 days SMA, EMA50 and even EMA25 on hourly chart. In general price is either touching one of the EMAs or is a little bit above or bellow them (in a downtrend). The only time price is moving further apart from EMAs is when the trend changes. Have a look at the beginning of September or at the beginning of August when market moved down. I do expect price to come close to the rising EMAs next week.
As usual, the big question is now "what's next?" After such a long run on the upside a small correction is not unthinkable but my bets are still on the bulls on longer time frames. What is the difference between the other two legs on the upside (1050-1120 in June and 1020-1130 in July-August) and the rally started at the beginning of September? The difference is now that weekly DMI has turned bullish. This is a very good long term confirmation indicator. Just to put things in perspective, weekly DMI turned bearish in November 2007 and stayed on red until June 2009. So pretty much kept you out of the bear market. It went a little bit bearish during June-July 2009 plunge then went on green and stayed pretty much on green until April this year. It went a little bit bearish on January 2010 but other than that was practically bullish from July 2009 to April 2010. Market had a few strong moves up and down between April and September (and we managed to scalp 70-80 points) but DMI stayed on red all this time and turned green only a month ago around 1170. This suggest that we are probably at the beginning of a major uptrend. Within this major uptrend we may have a few legs up and a few legs down, that is the reason I don't advice anybody to buy at this point unless you have a long time frame in mind and you don't mind a "visit" towards SMA200 before going further up. Personally, as you already know, I am going "all in" when a see a "bullish" EMAs crossing and "all out" when they give a bearish crossing. I don't buy or sell in between "buy" and "sell" signals. But everybody has it's own investing style.
All the best!