US equities closed a bearish week on a very positive note, sp +35pts @ 1864. The two leaders - Trans/R2K, settled higher by 2.4% and 1.9% respectively. Near term outlook offers further upside to the sp'1920/30 zone.. where the 50dma will soon be lurking.
*closing hour action: a new intra high of sp'1864, as some of the equity bears were ground out... understandably fearful of an opening Tuesday gap higher.
.. and another week at the world's most twisted casino comes to a close.
New multi-year lows for some indexes... as the talk of NIRP and further QE continues to increase.
No doubt... as the market breaks lower across March/April... the central banks will try to halt further declines. Whether the market can sustainably ramp from there.... very difficult to say.
To me, the bigger issue is one of capitulation in the oil/gas/mining sector... which we are yet to see.
Have a good weekend
*the usual bits and pieces across the evening.. to wrap up the week