US equities have climbed almost 5% higher since the Wednesday low of sp'1812. Further upside to the 1970s looks probable, not least if Yellen issues some Draghiesque threats of 'no limits'. Nothing has changed in the bigger picture, but for now.. the bears should clearly be on the sidelines.
Daily equity/VIX MACD (blue bar histogram) cycles are now swinging powerfully back in favour of the equity bulls.
Next week looks set for further strong gains. 1940s look an easy target.... 1970s should be hit though, as Yellen is likely to want to placate the market.
notable weakness, GE -2.5%...
A clear break of the downward trend from December. Headed for the 105/107 zone.