Welcome to the weekend, friends and fellow traders, and for those of you who are college basketball fans, it's a big weekend indeed. This is the weekend the final four teams left in the tournament are whittled down to one national champion. Personally, I'm rooting for North Carolina, but only because the Tar Heels are the only team I picked that's still alive in my brackets. I didn't see any of the other three making it this far. I mean, Syracuse? Really? Then again, Syracuse looks about as good as any other team still in contention right now. We'll see. In any case, while the market didn't end the week on an explosively bullish note, it ended the week on a pretty darn bullish one, in good position to punch through some major resistance lines. In fact, the NASDAQ Composite DID push its way past a key technical ceiling. Maybe April is going to be a winning month after all. I'll just come out and say it... I'm on the fence here. The undertow is bullish, and as you're about to read, there's a pretty decent technical argument in favor of stocks right now. That, or we're very close to a very good bullish argument. Nevertheless, as I warned a few days ago, the current situation is a tricky one, driven more by psychology and less by fundamentals. Even the technical clues don't mean a whole lot right now, simply because the psychological gamesmanship that tends to manifest every few months has manifested itself now. I make that point right off the bat just to set the tone for this particular idea - there's still a good chance the market is simply trying to set up a strong corrective move, and is doing so by trying to make everyone think a breakout is underway. The best way to do that is to drop some of the traditional technical bullish hints. That's the long way of saying take everything we're about to discuss with a grain of salt. The picture is superficially bullish, but my Spidey-sense is tingling. Let's just start with the S&P 500. Much to my surprise, the index reversed its early bearish course stemming from mostly-good employment news this morning to finish the day at the best close we've seen since early January. We're still not over the big hurdle at 2078 (give or take), but we are above an intermediate-term resistance level (dashed), and we're knocking on the door of a key technical ceiling. The VIX is also pressing into a key floor at 13.3, though it didn't break under it today. One more bullish day could do the trick though. The NASDAQ, on the other hand, did manage to go ahead and break through some of the key ceilings we were worried about earlier in the week. Namely, the 200-day moving average line (green) - which had already technically been hurtled as of Wednesday - decidedly gave way today when the composite opened below it and then raced right through it to close at its highest level since early January as well. The only thing that came close to keeping the NASDAQ and check today was the upper Bollinger band, and I'm not even so sure it actually contained the bullish effort. The VXN also broke below a key support level around 17.0. The next big floor for the VXN is 13.2, although it's not plotted on our chart. Here's the weekly chart of the S&P 500, if it helps. From where I sit, I don't think the index has yet broken through a key resistance line that extends all the way back to the mid-2015 highs. [That resistance line, by the way, is not quite the same one you see plotted on the daily chart.] It all looks really good from a bull's perspective. But, like a said above, there's been something quietly uncomfortable about this whole thing, and as it turns out I'm not (entirely) crazy for having my doubts. Here's something John Monroe told Elite Opportunity members today in his newsletter: "As you can see, there have been certain times, whereby relative strength has actually gotten even higher than it is now. However, the higher it got during the last year and a half, the more risky the markets became. As a matter of fact, the most recent period, whereby relative strength was this high was just shortly before the markets imploded on a short-term basis back in October of last year. That's something clearly worth noting, but that's not the biggest issue I want to point out here. See the arrows to the left from the back half of 2014? See how the markets moved lower once the first arrow of relative strength highs were met? Then, see how the index managed to rally to new highs following that selloff, only to produce lower relative strength levels in the process? That was the clear signal the markets were going to rollover on that second set of highs." Obviously you're missing a lot of context there, and missing a very important chart. Even with the snippet you've got, though, you can get a sense for what John means. He, like I, sense something is just not quite right about the rally presently underway. It just feels like a lot of the bearish setups we've been through before. Maybe I'm wrong. Maybe he's wrong. However, for both of us to independently agree things doesn't seem right, at the very least we may want to be cautious for a while. The good news is, if our worry is completely unmerited we'll know soon enough. There should be enough bullishness left to tap into. I will go ahead and tell you this about our discussion... John has a much better feel for how it's all panning out - and will pan out - than I do right now. He has a different set of tools than I do. Generally speaking, he's more of a reversal-spotting man, while I'm more of a momentum trader. That's why his bag of tricks has been bearing so much more fruit than mine has of late. Just go here to access the Elite Opportunity's bag of tricks. Or, cut and paste this link: https://www.smallcapnetwork.com/pages/SCNEO/v1/ Before we sign off for the day and the week there are two other quick items we want to take care of. The first one is just to let you know about a chart that James Brumley posted at the website illustrating the quarterly revenue trend BlackBerry (BBRY) has managed to produce over the past couple of years... including last quarter's numbers reported this morning. The company and its loyalists continue to cheer the future, but neither the company nor its fans have yet to adequately explain what's plausibly going to change about the trend underway that isn't going to cost a small fortune to make happen. The last item for the day is a look at the most recent version of the crude oil supply/demand/consumption chart. Most of you are familiar with it by now, so we'll skip the sermon and just show it to you. I don't see any relief for crude oil based on this data. We may talk more about it next week. Until then, have a great weekend.