Closing Brief

The market opened with only very minor gains, but with Boehner appearing, another wave of hysteria came over the market, and the FOMC highs from last Wednesday were decisively taken out. The close was bullish, and there is no immediate sign of the current trend ending.


The closing hourly charts..


Dow'60min

Sp'60min

Trans'60min

Summary

With the continued ramp higher, the hourly charts are starting to look a little weird, in that the usually narrow trading range is getting so wide, its making things look...odd, if that makes sense.

There is no sign of any levelling phase, and what we saw in the closing hour is likely a baby bull flag, setting up yet another micro wave higher tomorrow.


Bears need sp'1413<

With today's latest ramp, bears now need a break under the recent low of 1413 to bring any clarity that the current up 4 week up trend is over. A few daily VIX closes >17.50 would be some further small confirmation that this latest nonsense is complete.

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The usual bits and pieces across the evening.

*I want to note, all comments as ever, always appreciated, and it was good to hear from a few of you out there today.  A special hello to all those who appeared from Polska today!

**Just 7.5 trading days left of the year (next Monday is early close).
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