Another morning of Yellen awaits

Mr Market saw a somewhat choppy day, and there remains a significant disparity between the Dow/SP/Trans, and the R2K/Nasdaq indexes. The sp'500 weekly chart is back to outright bullish, and new index highs look viable within the near term.


sp'weekly8b

Summary

Yesterday closed with a blue candle...and with today's closing gain..we're back to a weekly green candle. Considering the price action..and the lack of upside kick/power in the VIX, I remain broadly bullish.

Underlying MACD (green bar histogram) is set to go positive cycle in late May, and this nonsense could indeed rally into June.

To be clear though, I am STILL seeking a multi-month rollover this summer. I am just trying to be patient, and not get nailed on the short side until this market really does rollover..and break down hard.
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Looking ahead

Aside from the usual jobless claims data, Thursday will be largely about the Yellen, who is going to be giving testimony to the US senate across the morning.

*next sig' QE-pomo is not until Friday
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Goodnight from London