Moment of Truth

As Ben Bernanke scolds Congress for how pitiful a job they’ve done on fiscal policy, SPX has staged an important break out.

Daily RSI broke out of the channel that goes back to January.  It has done a phenomenal job of providing guidance, and a clean break out is unlikely to occur without at least a back test.  If fact, don’t be surprised if RSI closes back within the channel, given that we’ve just reached the .382 Fib level.

Of course, it’s ALL up for grabs in the event Bernanke actually tips his hand — beyond “we have lots of options” and “all options are on the table.”  Let’s see if we can make some sense of the path forward.



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