By Markus Heitkoetter
It’s safe to say that the markets liked Fed Chair Yellen’s comments today. Day traders saw key resistance hold temporary at 1,800 before a convincing rally that pushed the S&P higher with a 20 point gain and close at 1,819.75. The Dow had triple digit gains, closing 193 points higher.
We’re seeing a transition in Power Crossover positions. Although the S&P and DOW are still in negative territory for the year, 2 of our Power Crossover indicators have turned bullish. With key resistance broken in the S&P the next stop is the high of the year/all-time high at 1850.84.