S&P 500 Index: Charting The Post Fed Rally

bullish buyCorey Rosenbloom:  Let’s take a quick holiday week peek under the bullish price action to view the end-of-year message from current S&P 500 (NYSEARCA:SPY) Market Internals.

S&P 500 Market Internals

We’ll take the chart step-by-step.

We focus on price action – particularly key levels – for structure, targets, trade-planning, and trade management.

After the Federal Reserve’s December ’surprise’ (see prior posts:  “Comparing Daily Volatility and the Fed Day“), the US Equity Markets have rallied non-stop from December 18th.

Market Internals – seen here with NYSE Breadth ($ADD), NYSE TICK ($TICK), and NYSE Volume Difference of Breadth ($VOLD) – showed two bullish spikes or signs of strength that confirmed the breakout and suggested additional upside price action was likely.

Price action did indeed drift higher, pushing above all-time highs in an upward intraday drift throughout last week’s holiday week.

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