Closing Brief

The US capital markets coped with the first major appearance of Fed Chair Yellen, building significant gains across the day, sp +19pts @ 1819. The two leaders - Trans/R2K, settled higher by 1.1% and 0.9% respectively. Near term outlook offers minor retracement, but with eventual new historic highs.


sp'60min

Summary

*from the closing hour price action, we probably have a multi-day top of sp'1823.

Downside fib-retrace..1790/80, although we could easily get stuck at the big 1800 level.  The point is...the notion of sub 1770 now looks completely off the table.
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..and thus concludes the first 'Yellen' trading day. Certainly, for the few bears out there, it was a day to forget.

With the daily close above the 50 day MA of 1809, things are now fully back to the bullish side. This has been an especially power rebound, since last Wednesday's spike floor of 1737, which now looks a very long way down.

With the weekly 'rainbow' charts now turning to an outright bullish green candle...the bulls are back.
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more later...on the VIX
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**every closing bell on clown finance TV should be drowned out by cheesy music.