Further to my earlier post today (Thursday), here's where the markets closed after the Fed announced a new round of monetary stimulus.
Equities, as represented by the YM, ES, NQ & TF, spiked and made the highest close, so far, this week and this year, on higher volumes. The YM and ES are at/near the top of their rising channel, while the NQ and TF are trading above, as shown on the Daily charts.
The SPX and RUT have room to go higher within their rising channels on their respective volatility ratio charts, but have run into near-term horizontal price resistance (triple tops).
30-Year Bonds are still potentially forming their "diamond" (potentially topping) pattern, as shown on the Weekly chart below...one to watch to see which way the eventual break of the diamond apex occurs and is held. Not shown on this chart is the fact that daily volumes were higher today, while price spiked up and down and closed almost unchanged from the open.
The U.S. $ has reached its lower Bollinger Band on the Weekly chart with near-term support below at 79.00, but major support is further below at 78.00. Not shown on this chart is the fact that daily volumes were higher today, while price closed near its low of the day.
These are some of the charts I'll be watching over the next days/weeks ahead to gauge sentiment (and the velocity of sentiment) in equities, bonds, and the $. For now, the momentum is up in equities, unchanged on Bonds, and down on the $. The path of least resistance for equities seems to be on the upside. I'll post a more comprehensive market assessment this weekend.
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