3pm update - a second day higher

US equities are set to close positive for the second consecutive day. Regardless of any initial post-FOMC negative reaction... it would seem we have a clear floor of sp'1993, and look set for the 2100s. Equity bulls should look to Oil as an added upward pressure, so long as the next set of inventories come in 'reasonable'.


sp'daily5

Summary

I've not noted it yet.. but the 50 and 200 day MAs are very close.. and at the current rate, we'll see a golden cross this Thursday.

Any daily closes >2070 will give high confidence the market is set for broad upside into year end.

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notable strength...

Oil/gas drillers...  RIG, daily

An interesting gain of almost 6%, but clearly, the broader trend remains extremely bearish. A valid question for 2016 will be which of the mid-tier names will have to disappear to help industry capitulation? Is RIG vulnerable?

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back at the close