SPDR S&P 500 (SPY)

[imiloa]

agreed that the rally yesterday afternoon was bullish.
but as posted last night, yesterday's close was nearly back to 2-month high of 211.45.

many here anticipate a rally to new highs now.
but given the weak US earnings season last month,
Chinese economy struggling,
Ukraine-Russia tension,
inevitable Greek default,
Israel-Iran tension smoldering,
etc...

that doesn't make logical sense to me.

i do expect a bit more rally into the fed mtg,
due to sept can-kick anticipation.
maybe even some euphoric after-fomc rallying into weds close.

but starting thurs or fri, i'm guessing the weight of both domestic and world issues will start tugging SPY back down to 208 range.

time will tell...