Broadly speaking, the near term trend most certainly remains UP.
IWM, daily
Dow, daily
Sp' daily5
Transports
Summary
Interestingly, - as I often note, the transports showed leadership today, and closed reasonably well. There can definitely be expected further upside tomorrow, and possibly at least the earlier part of Thursday.
The Dow put in a new closing high today, bullish?
What happens Thursday with the Fed?
It is any ones guess what the Fed do, but as some have been stating lately, the Fed have NEVER pre-empted a down cycle with QE (twist does not count). They have always waited. Those expecting some kind open-ended QE to be announced this Thursday, I believe they will again be very disappointed, and sell..potentially quite hard.
If we are sp'1440/45 before the Fed make their decision this Thursday (12.30pm), I'll re-short. Until then...I wait.
A little more later.