UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. Oct. 20 @ 2:00 pm ET - Beige Book Report
* Tues. Oct. 26 @ 10:00 am ET - CB Consumer Confidence
* Fri. Oct. 29 @ 8:30 am ET - Core PCE Price Index m/m Data
* Wed. Nov. 3 @ 2:00 pm ET - FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Fri. Nov. 5 @ 8:30 am ET - Employment Data
* Tues. Nov. 9 @ 8:30 am ET - PPI m/m & Core PPI m/m Data
* Wed. Nov. 10 @ 8:30 am ET - CPI m/m & Core CPI m/m Data
* Fri. Nov. 12 @ 10:00 am ET - Prelim. UoM Consumer Sentiment
* Fri. Nov. 12 @ 10:00 am ET - Prelim. UoM Inflation Expectations
* Tues. Nov. 16 @ 8:30 am ET - Retail Sales & Core Retail Sales Data
* Wed. Nov. 24 @ 2:00 pm ET - FOMC Meeting Minutes
*** CLICK HERE for link to Economic Calendars for all upcoming events.
Friday, October 17, 2014
Bulls Will Need to Prove This Bull Market
Volumes have been exceptionally high since last Friday. Whether the spike in volume on Wednesday's final drop is capitulation volume remains to be seen.
We'll need to see price hold above the 1850-1870 level and continue to rally and hold above the 200 MA (pink) around the 1900 near-term resistance level on increasing volumes...otherwise, any further rally may simply be a dead-cat-bounce...particularly since we now have a lower low and the Daily uptrend has been broken.
Failure to hold 1850 may see panic selling enter this market...especially if the SPX:VIX ratio drops below the 60.00 level on increasing downward Momentum, as I mentioned in my post of October 15th.