The Fed saves the day today. Fed's Lockhart pumps the markets at noon time saying the September taper is not cast in stone, so the markets jump higher. Traders know that more easy money booze and crack cocaine is on the way so it is party time again. The 8 MA moves up through the 34 MA on the 30-minute chart signaling bullishness ahead. The SPX is above the 20-day MA at 1693. SOX 479. XLF 20.47. VIX 12.44. TRIN 0.89. The bulls are driving the bus again with a happy Fed pumping semi's and financials higher and beating volatility and the TRIN lower. Bears need to push financials and semi's lower to restart the negativity. During OpEx week, a Tuesday low typically leads to a Wednesday high. The LOD today is 1682.62.
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