“Ben Bernanke emphasized in his second day of Congressional testimony that monetary policy will not be tighter for the foreseeable future and that it's too early to tell when tapering will begin….
Thursday, the S&P 500 was up 0.5% to 1689 (rounded).
VOLUME is positive since more volume has been up than down.
VIX remains neutral; no big moves just a slow bouncing around within a well-defined channel.
Again…from Monday, Wednesday, and Thursday…in the last 10-days there has only been 1-down day – that’s a little too much bullishness and is generally negative for the markets. Wow…nearly 3-days in a row with 9 out of the last 10-days up. There have been only 5-down-days in the last 2-weeks. The S&P is certainly due for some down time. With the S&P 500 nearly 11% above its 200-dMA and this run of up days, I’d be surprised if we don’t see some down time, but I have been surprised before. Technicals are suggesting a correction, but in this Fed driven market…who knows?