US equities built broad gains into the afternoon, but then saw another crazy roller coaster ride from sp'1989 to 1948, but then surging back upward to settle at 1987. Further swings of this strength look due in the days, weeks.. and probably months ahead.
It is notable that the current weekly candle is a net gain for most indexes (The two leaders - Trans/R2K, are the exceptions).
Update from Oscar
Friday will see pers' income/outlays, and consumer sentiment.
*It will be day'2 of the Jackson Hole meetup... no doubt, that will get some coverage on the clown finance TV.
A bearish Friday?
With a 4% round trip in the late afternoon, the notion that tomorrow we could be trading in the sp'1950/40s should not be seen as 'crazy talk'.
If you agree that the hourly cycle remains over-stretched - and it clearly IS, then so long as we don't trade in the 1990s tomorrow morning, there is high threat of a sig' wave lower tomorrow. Whether you want to call it an 'ABC retrace' of the 122pt ramp from the Tuesday low of sp'1867.. really doesn't matter.
What does matter is that we recognise the market is likely to remain volatile for some considerable time.
*I am on the sidelines overnight, and will look to pick up AAPL in the $109s tomorrow. If that price is now available, I'll sit it out until next week.
Goodnight from London