3pm update - an hour of chop... ahead of the ECB

US equities look set for minor chop into the close.. ahead of the rather important Thursday morning ECB announcement. Market is expecting €50bn a month QE... Mr Draghi needs to at least meet that expectation... or market will drop swiftly to the 200dma in the sp'1960s.


sp'60min

Summary

Suffice to say... choppy....

Best guess... QE...600/700bn annually.... which should be enough to maintain the current monthly gains for the EU indexes.

Few seem to consider it, but much of that printed money will be converted from euros to USD... pushing USD UP... along with the US equity market (where else would the money be spent?).
--

*it should be kept in mind, the bulls only need to open moderately higher tomorrow to break declining resistance. A weekly close in the 2060/70s looks very viable.
--

back at the close.