the Congruent Market Theory
I am not going to go through all of technical similarities to 2004 in fear of being overly verbose (already there), but reducing it to its basics you could look at the Golden Cross that was made in the previous week (SPX) as a reference point to back then. Broadly speaking, you could say the Golden Cross on the weekly charts is analogous to the Fed successfully turning the battleship that is the US economy and achieving reflation within the market.
Ignoring the constructive seasonality that is April, I am looking for the market to transition to a more defensive and trading range environment like it was in 2004. I believe you may have seen aspects of that transition today as managers alter their asset allocation strategies on the first day of the quarter to reflect a mix of less “stuff” and more stock. If and when the commodity complex begins its descent back towards the historical mean, it will likely have a disruptive effect towards market liquidity in the short term.