Short term quadruple top

12,800, 1400 spooz?


Fed doesn't cut rates next week and sell in May go away?

Or do you guys think this rally continues?

 

The fed will cut, but probably by just 25 points

 

With the recent spike in index's, watch how their tune will change towards inflationary concerns. No cut or .25 next week will provide a short term correction. Just my 2 cents.

 

certainly some important levels up here, any one have a take on VIX values on the last 2-3 occasions we visited these levels ?
thnx

 

hmm the $VIX for the first time in 12 months dropped below it's 200 moving average after bouncing off violently of it three times since October. JPY and CHF look like they put in intermediate term tops, both down >1.5% today.

I guess the technical setup is pretty good for a successful breakout over 1410/1420.

 

Given these really good earnings numbers a breakout does seem more plausible.

Notice how the transports have been rising in the past two months? This is a good sign.

 

Chart of ES (front month contract roll). Can't seem to weed out overnight Globex so the quad top isn't perfect.