ES 1296

Just from my paper napkin charting, it seems like 1296 is quite a formidable barrier for this market.  That equates to about 1300 SPX.  Equity mutual fund inflows are continuing, now 2 weeks in a row, after an extended period of net outflows.  It is amazing that this market has been able to rise so much without the equity inflows.  QE2 has had a dramatic effect in boosting stock prices.  We may not get back to a normal market till July, when the Fed isn't buying bonds everyday.  Until then, it will be hard to predict the market based on historical patterns.  There is no precedent for the amount of money pumping in non-crisis situations.