The SPX prints a new all-time intraday record high at 1968.17. The 20-day MA at 1941.08 and rising needs back tested. Note that the 8 MA remains above the 34 MA on the SPX 30-minute chart signaling bullish markets for the hours ahead. The bears made a run lower yesterday to try and create an 8/34 MA negative cross but fell flat on their face. Bears got absolutely nothing without the 8/34 negative cross on the 30-minute SPX chart.
The dollar/yen moves higher to 102.14 well off the lows under 101.90 only a couple hours ago. Banzai! The rise in the dollar/yen up through the 102 pivot reflects a weaker yen so the US stock market moves higher. Market bears need to push the dollar/yen under 102 to introduce equity weakness today, otherwise, they got nothing. The BOJ, Fed and other central bankers are the market. Traders are drunk off Fed wine, staggering around the trading floor buying any stock that has a ticker symbol, and then kneeling in front of the Fed shrine in the corner praying for continued stimulus and easy money. Everyone sings, "for she's a jolly-good fellow" to honor Fed Chair Yellen; the QE Queen. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
Note Added 12:05 PM: VIX is flat and TRIN is at 1.35 firmly in the bear camp today despite the higher stock market. Equities should weaken today, otherwise, the TRIN needs to drop under one and head down towards 0.9 and 0.8. Dollar/yen 102.12. The SPX is 1966.37. The SPX HOD at 1968.17 remains in place thus far. Markets float sideways at elevated levels since the dollar/yen remains buoyant. The status is quo. The bulls are cruising occasionally slapping the bears in the face for fun and 100% confident that stocks will never sell off.