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The more that things remain the same, the more they remain the same.
Powell announced that tapering of QE will start immediately. That’s different.
Meanwhile, the trendline from the August 19 low is still there. Touched 8 times, and headed for a 9th here in the early pre market, approaching noon in Europe. The line is currently at 4532, but there are a couple of additional trendlines a point or two below that. All would need to be broken to suggest a potential end to the uptrend. Then they’d need to break 4520.
Resistance is at 4544-45. If they break that, the next target would be 4565.
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