I’ve had better days in my life. And weeks. And years (OK, 2023 is still young, but all the same).
Anyway, as usual, the initial reaction to the FOMC (a sudden drop) was exactly the opposite of the true outcome. More importantly, the bulls grabbed some MAJOR victories in chart-land today: Here we have the QQQ blasting away from its broken descending trendline:
Semiconductors, limited for many months by the horizontal, have conquered it:
And the SPY not only blasted through its own trendline but even cut above the levels seen last autumn.
The next big test is at about 4186 on the /ES, which was the exhaustion point twice last year. If the earnings after Thursday’s close bolster bullish spirits, it’s probably Game Over.