The main indexes closed significantly higher after the Fed surprised the market with no cut in QE. The sp +20pts @ 1725. The two leaders -Trans/R2K, closed higher by 1.5% and 1.0% respectively. Near term outlook is for a continued hyper-ramp into early October.
So...the Fed has once again resulted in the equity bears getting effectively nuked.
Now, from a purely technical perspective, the set up was pretty clear earlier today. In many ways, as I noted, there was an extreme risk of upside..vs. downside.
With the close >1709...we have a major break, and there is very likely at least another 2-3 weeks straight up, which should take us to the 1750/75 zone..if not even the low 1800s.
Frankly though, the bigger picture is still suggestive of sp'2000s in spring 2014.
After all, we'll have the Twitter IPO then, arguably the most bullish economic signal the western world has even seen!
the usual bits and pieces across the evening.