The bulls put together another solid week despite a spooky Fed report and shaky earnings and economic news as the market pushed resistance and was able to clear resistance. The bears made a growl at support midweek after the meeting minutes revealed some of the Fed zombies said it might be appropriate to raise the federal funds rate by next year but that was about it.
Thursday was an important session as the bulls held fort after a back test to support to push resistance. Friday’s gains are suggesting new and continued highs as February winds down but March could be a different story if the bulls fail to hold support. (continued…)