* * *
US equities rose for a second week in a row. SPY was up 1.7%, the Dow was up 2.3%. In contrast, NDX was up just 0.5%.
The biggest winner was once again oil, which rose more than 4% this week. Since it's low 10 days ago, oil has risen more than 20%. There is little doubt that this has had an outsized positive affect on US equities.
The longer term technical picture remains bearish for SPX. It made a lower high in November and a lower low in January. The 20-wma (blue line) is sloped downward, as it was in 2008 but also in 2010 and 2011. The pattern is bearish until SPX at least exceeds the prior high in November (2120 area): this is what separates 2008 from 2010 and 2011 (horizontal lines).