We were expecting some upwards momentum on the market FRIDAY and we got it!
The bulls won yet again even though there still seems to be this bearish tone amongst the news and other blogs.
It's self evident that whilst QE continues...we're likely going to keep powering in an upward fashion.
This was the third consecutive weekly gain for the US equity markets. There were some major buy stops hit at the end of the week, and if this keeps up, we could see the 1790 - 1800 area soon we feel.
We have the FOMC next week, and I doubt there is to be any spine tingling bearish news on that front. On the 60 minute chart below you can see that even though we have been going sideways, this market has really been holding well thus far.
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