Does Rally Have More Legs? Long Term Look

To say that this market has defied all odds with this huge rally is an understatement.  Now one has to take a look at how far we have come and think seriously about how far we can go.  Technically speaking there is some significant resistance on the horizon.  And in this case the significance is substantial in that these tests only come around every 5 years or so as of late.  Below is a chart showing these tests.  The chart is a 10 year chart of the SPY sampled at a monthly rate.  As you can tell by the amount of time involved in the chart these are very long term trends that are very big and heavy hitters.  The market has already somewhat passed the first test of the 25 month moving average, but has the 50 month moving average on the horizon somewhere around $123 on the SPY.  The chart explains it better on the full post: