Now it looks like the S&P 500 is going parabolic again.
Next week's FOMC happens to fall on a New Moon. We're less than 4% away from making new all-time highs on the index -- we could easily make it there by mid-session next Wednesday.
An FOMC can give us a reversal without gaps. The February decline left giant holes in the chart, as well as an excessive RSI. This parabolic needs to make a marginal new high, fill the existing gaps, while putting in a lower, divergent RSI.
$IRX is only 10 bps from glory and another .25 hike, maybe the one to break the camel's back.
|SPX daily 06-06|