Market Direction?

Short-term market direction continues to favor the upside.  Why?  For the following three reasons: (See my Twitter for the chart.)

1. Price > 200-day MA
2. 50-day MA > 200-day MA
3. 14-period Monthly RSI > 50.

For a longer-term perspective, I am watching very closely the relationship of the price of the S&P 500 to its 200-week MA.  (See the following the chart.)  Currently, the price is right at resistance (200-week MA).  If it penetrates the 1194.20 along with the above short-term indicators remaining bullish, I will have to revisit my bearish stance on equities.  Of course, with the mid-term elections on Tuesday and the Fed to report on QE2 on Wednesday, anything is possible from both a bearish or bullish scenario.