It has been clear for weeks that The Fix was in for this week with the Fed and Treasury setting up a cash injection of $130 billion for the period around the FOMC meeting. That cash was put to work today as the Fed surprised the market and squeezed the shorts when it said, “No taper, fools!” Technical indicators strengthened as the market broke out through a the last high to set a new all time high, with higher targets dead ahead. The next resistance level is just above current levels. If that’s cleared, the market could be off to the races yet again. This report has all the particulars, including trend resistance areas to watch, support levels, and cycle time and price projections.
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