MrTopStep Update Fed: The Day After

The S&P and NASDAQ recouped all its ground from yesterday’s sell off. Yesterday the Dow made a new high and today the ES made a new all time high but the NQ didn’t. While divergences are generally not a good sign I think the old saying ‘don’t fight the fed’ applies.From its 5180.75 low on August 5th to today’s recent 5787.50 high the future has rallied 606.75 points. I still see 5820 as my next upside objective and my longer yearly upside objective at 6200.00. 

Please keep in mind that the reason we show how many points the ES has rallied is to keep people on their toes that alog bombs/ pull backs and sell offs are all part of the landscape.