With the break back into the sp'1990s, the bears have lost what moderate control they had. Market is (arguably) on the rise for cyclical reasons.. with the $2bn of QE-pomo no doubt helping. Oil is notably higher, +1.9%.
sp'60min
sp'daily5
Summary
*note the daily MACD (blue bar histogram) cycle, it is levelling out..and is offering 5-7 days to the upside.
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For the bears, this is understandably a majorly disappointing morning, but the opening signs were there...
black-fail candle on the VIX
hollow-red candle on the equity indexes
With the break of upper channel/trend resistance... now its a case of 'how high'. Obvious target is the giant 2000 threshold.
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time for lunch
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12.23pm.. gains holding.. sp'1997...and the giant 2000 threshold is now viable this afternoon.
Smaller equity cycles are getting over-stretched....but still.. .a break above trend is VERY important to recognise.