In my last report using renko charts back in September, the S&P 500 was falling back towards moving average support which was around 1071. The market went through the key level but bounced and the renko chart shows here, the trend for the S&P 500 remains higher. A break past 1200 and we will have a renko breakout (along with other breakouts on other charts). The one negative I have is the second chart below the renko here - it is a measure of momentum and it appears to be unwinding lower. A market losing momentum near a previous high is not bullish but can be wildly bearish as shown from 2007. I will be watching this very closely over the next month.
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