DOW

Dow Hit 156 ftse hit break out point.. ..

dl.dropboxusercontent.com/u/40497882/dow_channel_may22v1.JPG

www.federalreserve.gov/newsevents/testim...ernanke20130522a.htm

scale back or increase.... media playing to the sound of the music, market needed an excuse to sell off... moves were parabola on most indices...

long weekend comin up on both sides of the pond...

watch approx >377/88 > 401 (50%) >419 > 487> retest of highs, failure to exceed that and it starts to reverse down then supports 260> 237>158> ****5122/00***> 14900 > 14500 & ultimately a retest of dow breakout.

***v.imp

dow found decent support 260 / spx 1648 if that fails again then lower we go...

will pop an updated chart when i get a min...
cheers WS

The trend is still up - surely?

Ben's statement elevated the markets to new highs; The digestion of the news was interpreted as a negative, and yet, yet, yet, at no point did the Fed say anything about slowing or stopping. If anything, the Fed re-iterated that support will continue until the Unemployment rate drops to 6.5%.

In my humble view - minus chart - the market will continue upwards.

Comments from the Fed that they may start scaling back scale back bond purchases, perhaps as early as June.

Tom aka MD

A hint of ending QE