Broad upside into the next FOMC

Regardless of any equity weakness across Tue/Wednesday (not least if Oil inventories remain high), it would appear the market has a secure floor of sp'2019, and is now headed broadly higher into mid December. First target is the recent high of 2116, and then the historic May high of 2134.


sp'weekly1b

Summary

Suffice to add... a rather strong reversal from the opening low of sp'2019... to close in the 2050s. A minor retrace looks due tomorrow/Wednesday... but broadly.. the 2100s appear extremely probable.
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*Bonus chart*  - USD, weekly

The week starts with a net daily gain for the USD. A Nov' close >DXY 100 looks unlikely... but Dec/Jan are another matter entirely. Indeed, those equity bears seeking a test/break of the Aug' equity lows should be praying for a monthly close >100. That sure would help.


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Looking ahead

Tuesday will see the latest CPI, indust' prod', and housing market index.

*two fed officials are set to speak, but the issues concerned are not likely relevant to US equities.
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Goodnight from London