SPY/$SPX managed to close above what I consider to be key EMA's. But the work is not over SPY
must get back above the recent intra-day highs from this past Thursday and then above Wednesday's swing high. For $SPX
the first high it must exceed is 1768.53 and then 1775.22. IMHO, these highs should be taken out early next week in order to show and prove that $SPX
wants to and can go higher.
The market is clearly not sure how it wants to deal with potential taper of Fed funds but for now, with $SPX
above these key EMA's the benefit of the doubt is with the long side trade. Until proven otherwise, IMHO, of course.