The stock market is accelerating above key levels at 4802 on cash today and that would allow a quick thrust up into next week.
Should the market reach 4908 early next week then the post-Fed high could be up to 5012 and complete the major pattern.
We are open to thinking that cash 4908-12 will come in next week pullbacks into FOMC may not be much and if they like the FOMC news, the market would reach up to 4980-4999 next.
If there is a divergent high into Feb, that could be it for a bit until late April and May when the final high is due. If the market breaks out above 4802 on cash we are looking at 4970 or max. 4997 on cash and that means the pullback from there would go only to 4800 or 4750. That is looking less likely this month.
Once 4802 on cash comes out we can look to 4908 and 4960 on cash and until 4708 comes out, we have to assume that it is not that easy to turn around a steam ship. We have had a punctuation point cycle over the last weekend and action this week is not reinforcing it.
Many sectors are not participating so if you are not in tech of the Magnificent Seven (ie Google, Meta, MSFT etc) then you are wondering if your stocks will come alive.
We do see the metals sector taking off after next week and crude oil and energy keep disappointing and Bitcoin has been in sell the fact mode.
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