2pm update - sp'1450 is first support

We have a clear accelerated up trend, as apparent on both the daily and hourly index charts. Yes, a pullback is likely, but even a multi-day minor drop to 1420 looks the very best bear case right now.

With the Fed buying 40bn MBS, and then 45bn of treasury bonds per month (the latter starting from January), its going to be near impossible for the bears to sustain any down trend. Baring a black swan of course.


sp'60min

sp'daily5

Summary

First target is sp'1450 some time this Monday, but as you can see, even that doesn't wreck the current accelerated up trend that we are currently in. It is entirely possible the smaller 15/60min cycles will be fully rest by the end of Monday, and Tuesday will see a renewed push higher.

It all remains rather sickening to view this madness.