An extremely strong close as the SPX approaches the strong 2740/45 resistance zone after a frustrating day for the bears as they trued several times to turn this market down. However, eager dip buyers came in on each intraday pullback and even a bearish Fed Minute release could not derail the rally during the last hour.
SPX is above the 50ma, volatility tumbled, and the apparently invincible bull marches on, no matter what they throw at it,
But, there are ominously dark clouds on the horizon and it will take a Houdini trick for the bull to withstand repeated attacks coming from several directions. Never say never, as we learned during the dot com bubble when the markets ignored any and every thing and kept making new highs almost every week, so don't be surprised if SPX closes above 2800 next week.
I don't think this will happen and am more inclined to believe we will see SPX 2600 before SPX 2800.
I also think the Chinese will deploy one or more of their strategic moves during the next week or two .....
