S&P spiked lower on Powell but recovered nicely. We couldn’t close the first gap at 6,845 and leave a wick underneath.
We think price is headed to 7,000 very quickly now as the talk of FED adding more bank reserves via re-investment of coupons, yields retail to believe that QE has arrived.
The spike low on the 10 October at 6,550 gives us a clear stop lo…