A pretty lousy end to the week for the bears, with most indexes closing moderately higher. We're a mere 1% away from the recent index highs. It has to be said, that anyone touting significant declines (<sp'1470) in the immediate term are out of their minds.
It looks like the few hours of intra-day churn was merely about forming a baby bull flag..and that was confirmed to some extent in the closing hour.
Baring a move under the Thursday low of 1497, the trend is clearly back on the bullish side.
Next week will be all about the Bernanke.. If he is careful with his words, Mr Market should merely continue to melt higher. At worse..a brief decline to 1490/80.......and then 1550s..if not considerably higher.
No hope of major declines until May, and even then..just how the hell are we going to decline whilst POMO continues?
Have a good weekend
*next main post..late Saturday, probably on the US weekly cycles (again!).