US equity indexes closed broadly higher for a second consecutive day, sp +13pts @ 2040. The two leaders - Trans/R2K, settled higher by 3.0% and 1.5% respectively. Near term outlook offers the R2K at the 1100 threshold, which will likely equate to sp'2050 before next chance of a reversal.
*closing hour action: micro chop, with just a touch of weakness into the close, but absolutely nothing to give clarity of a key mid term top.
So.. a post FOMC gain, with a new cycle high of sp'2046.
Higher oil prices is a primary driver, and Oil itself it being helped via a weaker USD.
Just reflect on the fact that we're back within 5% of the historic high of May 2015.
Now its a pure case of whether you think...
1. Market pushes to new historic highs into the summer.
2. Doesn't break a new high.. but stays within the 2100/1800s.
3. Maxes out in the near term, and rolls lower... eventually breaking <1810.
Its one of the three.
Thanks for the messages/emails... makes the day far more interesting!
Have a good evening.
*more later... on the VIX