Equity bulls remain in full control. Even the somewhat battered R2K is pushing upward, with an impressive net weekly gain of 2.7%. With new historic highs in the Trans, Dow, and sp'500, the equity bears have zero sign of this up trend ending in the immediate term.
Suffice to say, another trading week concludes, and we have powerful new historic highs on 3 indexes (4 if you count the NYSE Comp'), with the R2K/Nasdaq also pushing strongly upward.
What happens at the next FOMC of June'18 will be important.
I've little doubt - as will the main market also believe, that the Fed will announce QE taper'5. What the market does then..., that is the issue.
Will the market just keep on pushing higher - with new historic highs in the R2K, or will we see another rollover? Considering the recent price action, and utter lack of downside power, I'm somewhat resigned to further new highs.
Goodnight from London
*the weekend update will be on the US monthly indexes