10am update - quiet open

The main indexes are moderately higher, but the market is looking tired after strong gains earlier in the week. What is clear, bears remain largely powerless, ahead of next Wednesday's FOMC. VIX is largely flat, but looks set to melt lower into the weekend.


sp'daily5

vix'daily3

Summary

With QE of 3-4bn..market should hold together. The only unknown is whether the bulls can manage to break and close in the sp'1690s. If that is the case, the low 1700s look a given early next week.
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I see a fair few suggesting a near term pull back to the 1660/50s, but that would wreck the weekly charts.

It looks like the past few two days are simply consolidation before another up wave.
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yours...
   not a 'Journalist'.. according to the US Senate. see Breitbart