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%.
*note the daily MACD (blue bar histogram) cycle, it is levelling out..and is offering 5-7 days to the upside.
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.
time for lunch
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.