sp'60min
Summary
*hourly index charts might be maxed out, but..we've seen time and again, the bulls managing to pull a last hour ramp. Any close in the 1630s, and next week will be offering 1650/60s.
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The past six trading days could merely be a holding pattern before the next surge higher.
That IS the problem right now. Bears appear largely powerless, and with ongoing QE, the market is generally inclined to the upside.
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Bond yields...2.71..and showing no sign of stopping.
Next key level is 2.75..and then 3.20/40
UPDATE 2.17pm.. sp'1629.05...that is 0.3pts shy of the 10MA on the weekly chart.
Arguably, the last of the 'serious' bear money is now getting short-stopped out.
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Baring a close <1624, which now looks unlikely, it would seem the bears have indeed utterly failed.
Powerless bears, which is ironic, considering the bond market issues.
2.35pm... I have exited my heavy-short position.
Weekly charts are now back to a fully bullish situation, along with the daily charts.