S&P downgrades the world and Citi misses bad and the markets are up and all happy like nothing is wrong. The minis cracked 1300 overnight and the round level has been attained in the futures. What sort of orders exist in this neighborhood is the big question.
STB has warned for weeks now the trend of rising markets to continue that trend into FOMC meetings, more recently the opex effect and of course of the volatility earnings can deliver. The only rational reason (which is no real reason to celebrate) is the eternal promise of more QE (easing/stimulus). The tide is slowly turning and the bears simply must remain patient. A massive turn is coming sooner than later and it will be of the 10% or more variety.
SPX Daily - 1295 to 1307 resistance area (pink). Upper black diagonal resistance just above. Divering indicators indicating this run is lacking underlying support. SPXA50 is over 400. NYMO is ready.
Minis 15m - 1279 support still reigns. Back into the yellow rising channel. I guess the main thing to notice is the conundrum that exists - see the resistance in the cash chart above and the support in the futures chart below.
FOMC Meeting Chart - Cause in a centrally planned environment, what else should you look at?
I'll update some charts today and see if there is anything else I'm not seeing. Many key technical things in this area.
GL and GB!