sp'60min
Summary
A daily close in the 1960s would be something for the bears, but without question... bulls have achieved a fair bit today.. not least with the Transports breaking a new high.
Best guess... chop into the FOMC.. a brief spike to 1975/80 zone, and then a reversal.. with downside of 'some degree' into the weekly close.
One thing bears could do with, a weekly close back above the weekly 200MA.. still in the 17s.
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Notable weakness, TWTR, next support is around 40/39... the low end of the gap from last earnings.
On any basis though, with just 1 cent of earnings for Q3, its 'somewhat over-valued', urghhh
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11.37am... grinding higher.. sp'1974... bearish capitulation ahead of the Fed? Probably.
I realise some are looking for 1990/2000 before a minor down wave to 1950/20 zone, but really..90s look out of range this week.. even if the market can initially rally on the FOMC.