Orthodox high still 1132.75. Can't see > 1134.25 or the latest move is an up impulse. DJI beyond 10,628 says the same thing.
A lot of hope is going into the FOMC meeting tomorrow. Considering that nothing will be done I find such blind faith has a childlike quality. Bonds are not selling off on this rally and in fact are up a tick. This is presumably because Ben will buy more bonds? They announced buying T-bonds from maturing mortgage-backs at the last meeting. In order to buy more they would have to agree amongst themselves to expand their balance sheet. The odds on this are slim.