Strength ahead of Powell

US equity indexes closed significantly higher, sp +32pts (1.2%) at 2779. The two leaders - Trans/R2K, settled +1.8% and +0.6% respectively. VIX settled -4.2% at 15.80. Near term outlook offers a push into the 2800s. More broadly, big target is the 2950/3047 zone, which is where the main market should get seriously stuck.


sp'daily5

VIX'daily3

Summary

US equities opened moderately higher, and built significant gains across the day. With the sp' settling at 2779, this is an extremely powerful 247pts (9.8%) above the Feb'9th low. Volatility was naturally ground lower for a fourth consecutive day, with the VIX settling in the 15s, the lowest level since Feb'2nd.

Your truly remains mid term bullish, as original 'big target' of the sp'2950/3047 zone looks on track for late spring/early summer. Then things will get 'real interesting'.
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Bonus chart: Japan, monthly

With just two trading days left of the month, the Japanese market is still net lower by a very significant -4.1% at 22153. Note the spike low from around the key 21k threshold. Further, note the key 10MA,which the Nikkei is set to close well above. The bulls should be very relieved.

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 Extra charts in AH (usually around 7pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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