Last week’s “European Confidence Boost”/ Drahgi commentary plus a slight U.S. GDP beat supported a powerful two-day rally, leaving the S&P 500 (SPY) higher by a full +2.7% on the week and price recovered to the top of its recent trend-channel.
While our short-term oscillators have quickly moved into a broad overbought composition, with such strong momentum going into the last week of the month and the possibility of further “hopes” of FOMC coordination, we may yet see higher highs ahead.
[Week 31 Calendars: Economic | Reporting]
Source: Mrkt_Commentary** subscription service; prior weekly posts.
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