Th good news is the Dow transports made a big move this week, and are also getting lose to a test of the 40 weeks line. The bad news is it is miles below the midpoint of it's trading range, indicatiing that despite a good week, it is still terribly weak. It is also an indiation of where the current strength is in the market: the most beaten up sectors are getting the bid, while the strongest sectors are not.
I wihs the charts could tell us what kind of news is going to come out of Europe this weekend, but at this point it looks like the market is expecting something big. We could get a nasty surprise come Monday if they don;t deliver.
I will have the new high update shortly.