A ton of commotion, a spike in volatility over the last week, and as of the close today (April 17th), the SPX is back above 2700. In previous posts, we mentioned a close above Dow 24,800 was required for the bulls to take possession moving forward in the short-term.
The Dow closed just shy of 24,800 at 24,786. Price action tells us, we should see a close above Dow 24,800 sooner rather than later. Once this is completed, we’re likely to see Dow 25,000 with some follow-through, as those who will short this market at Dow 25,000 will be squeezed.
Markets move in all directions. Most often, they just wait for a catalyst to confirm the direction. Could earnings season be the magic bean Time will tell.