After a few days of hesitation on the part of dip buyers, (who could blame them with the poor performance of index prices here and abroad), they’re back as market drivers floating around were nothing more than ‘excuses’ for a tired market as discussed last 2 journals.
It all started with the ADP# and followed by the WSJ article on QE twist 2 potential and realization, at least for today …”Overall, accommodative policy is still very much in place”… and economic growth is sufficient enough at this point”.
Despite, a few upside risks on Thursday, such as ECB speak post LTRO / Greek swap / NFP# ahead, the poor price performance talked about needs to revert.
Otherwise, the upside risk could become priced in, if market attempts to make it back to this year’s highs. The likely possibility is investors tripped up this week will want to take profits off this time around. First resistance will likey be at 61.8% retrace of the SP2.6% fall from high to low.