After finding support at the lower channel line, $SPX had a nice rally last week, gaining almost 50pts. $SPX is now down about 8pts on the month and, based on last week's rally and expected follow through in the week ahead, it does appear that $SPX will rise above the bearish rising wedge, negating it, and then push on to or above the recent swing high at 1897.
Baring some anomalous news event between now and the end of trading on Monday, the huge $4.5 billion dollar POMO that is coming on Monday is likely to fuel $SPX higher, at least for Monday.
However and most important, we continue to move within a sideways consolidation that goes back to mid-December and until the market decisively breaks out of this consolidation and begins a new trend, up or down, it really is anybody's guess as to which way $SPX is going from here.
Be careful & GL in the week ahead.
Baring some anomalous news event between now and the end of trading on Monday, the huge $4.5 billion dollar POMO that is coming on Monday is likely to fuel $SPX higher, at least for Monday.
However and most important, we continue to move within a sideways consolidation that goes back to mid-December and until the market decisively breaks out of this consolidation and begins a new trend, up or down, it really is anybody's guess as to which way $SPX is going from here.
Be careful & GL in the week ahead.