sp'weekly8 - mid term bullish outlook
R2K, weekly
Summary
First, it should be noted that the R2K broke new highs, which is pretty incredible considering the overnight futures action.
With the break into the sp'1710s today, it looks like an attempt to trade into the 1730s is now viable by the end of this week. That in itself would open up 1750 by the end of the month.
Looking ahead
The market really only cares about one thing...getting an agreement, even if it is just a short term measure. Once there is a provisional agreement, the market should be able to keep pushing higher.
*there is HEAVY Qe-pomo tomorrow of around $5bn. Bears..beware!
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For many, today was indeed rough, and with the debt can likely to get kicked any time now..at least into November, equity bears look set for more pain.
Goodnight from London