Bulls Have "Right" To Push Market Higher

At some point today we will have to discuss yesterday's market reaction to Powell's press conference, the second presser during which he deviated from the FOMC policy statement. Last month, Powell was MUCH MORE HAWKISH than the pronouncements expressed in the FOMC statement, whereas yesterday, he was MUCH MORE "Dovish" (how about, less hawkish) than the FOMC statement. Did he err, or did he intend to give the markets a green light, uh oh moment when investors and traders realized they were way too UNDER-EXPOSED to the new, more tolerant Powell perspective revealed yesterday afternoon?  Unless the Fed heads start making immediate statements to the contrary that walk back Powell's "less hawkish" perspective, the bulls have every "right" and intention to push the equity indices higher. 

How high? For me, the next key level in ES is a run to and a sustained advance above 4180.00, which if satisfied, will project to a next higher target zone of 4300 to 4350. Conversely, the inability of ES to take out AND SUSTAIN above 4180 followed by a decline that breaks 4134 will trigger an initial warning that the index is exhausted on the upside, and is taking a breather (a correction) down to 4100-4090... Last is 4160.00...

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