S&P up 1.5%
The S&P index is racing higher and trades up 1.53%.
IN the process, the index has moved back above the broken 38.2% at 2021, above the 100 day MA at 2029.61. and not moves toward the next key MAs at the 50 day and 200 day MAs. The 50 day is at 2058.94. The 200 day MA is at 2062.50. In the up and down world of the US stock market of late, anything is possible.
What was nice from a technical perspective yesterday was the holding of the 50% at the 1991.78 level. The index sniffed this level yesterday and stalled. The index ended up on the day and today, the market is feeling more comfortable going into the FOMC.
For the year, the S&P is down -0.36%. For the month, the index is down 1.39%. Do we get the Christmas rally - even with a Fed hike?