sp'daily5
R2K
Trans
Summary
Despite a touch of weakness in the morning, the indexes managed to claw higher into the close, and the sp' weekly close of 1687 is VERY bullish for next week.
The bulls only needed to hold the weekly 10MA of sp'1675, so this weeks closing is unquestionably highly suggestive of further upside next week.
Yes, there is some considerable uncertainty about what the FOMC might announce next Wednesday, but still, the consensus appears to be QE-taper of 10/15bn.
It really won't take much to kick the sp' to new highs (>1709), monthly charts are offering 1715/25, although that will be far easier later this month..rather than FOMC week itself.
*I hold long the indexes across the weekend,
--
a little more later...