Good morning. Futures are fractionally lower, sp -1pt, we're set to open at 1682. The bulls merely need to consolidate prices sideways for the rest of the week, whilst bears need to kick the market lower by 35/40pts to close the week marginally lower.
Baring any sporadic news, today is likely to be rather quiet.
Actually, in many ways, market is going to be susceptible to algo-bot melt. A close in the upper 1680s is very viable.
The one thing bears do have going for them..the hourly index/VIX charts are ticking lower, and we're set to go negative cycle this afternoon.
All things considered though, between now and the FOMC of next Wednesday, we'll more than likely just keep pushing upward.
*Ohh, if I sound a despondent bear...its because I am. I just can't see much chance of significant downside until the FOMC, and even then, why will we not rally on 'taper only 10/15bn?'