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Yeah, it's a pretty sad when I'm resorting to rehashing funny stuff from the comments section, but this is one of those days where I want to gouge Janet Yellen's eyes out with my thumbs while Bernanke watches, tied up on a post nearby. All the same, I'll come up with some charts or something real soon now. Honest. Nine "up" days in a row on the Russell 2000 can take the wind out of a bear's sails.
We have been reviewing different versions of this chart in NFTRH
over the last several weeks as the S&P 500 approaches a
long-standing target of 1550+. Today it looks like that target will be
hit and exceeded with ease, but last summer and right through the Fiscal
Cliff nonsense in December, very few were willing to entertain such
crazy talk.
S&P 500 monthly chart
ES crawled up using the 50 hour moving average as support yesterday and has pushed up further overnight. The 50 HMA is at 1542 and strong level support is at 1537. Until the 50 HMA at least is broken with any confidence there is nothing to see on the bear side here:
