With a second consecutive day of broad gains, the sp'500 broke a new multi-month high of 2083. Next key levels are the psy' level of 2100, the Nov' high of 2116... and the last line in the sand, the May'2015 historic high of 2134.
Without getting lost amongst the minor noise, the equity bears should be increasingly desperate for an April close under the monthly 10MA - currently @ 2021.
Considering the next minor cooling phase next week will probably go no lower than 2050... just how are the bears going to be able to re-take control?
The market seemingly doesn't much care about earnings, or that recent US/world econ-data remains relatively weak. Indeed, with JPM announcing an increased stock buyback this morning, we're almost back to 'normal service'.
I'm aware a fair few of you do actively follow Oscar 'stops are in, emotions are out' Carboni.
sp'weekly8e - the 'failed head test'.
Technically. so long as the sp'500 holds under the Nov' high of 2116, the scenario is still valid.
Thursday will see the usual weekly jobs and the latest CPI.
*fed officials Powell and Lockhart will be on the loose in early morning.
Goodnight from London