Weekend update

The following chart will pretty much show everything that needs to be shown right now for the short term.  If the S&P gets past 1402, we'll be heading for new highs and potentially all time highs through the election.

There are still lots of reasons on the longer term charts to think this is a fake out though.  Including all the Daily, weekly and monthly charts for the S&P rising with a falling RSI for quite awhile now.

But for now, Friday was a strong day, lots of growth stocks (like AMZN??) powering ahead. 

The market obviously believes we are going to get a strong round of Fed intervention soon.

Heres the short term chart (SPX hourly)