The S&P over the last few days skidded up higher on jobs numbers and the fed announcement.
The action happened on weaker than average volume as you can see below. Also we have been travelling up in a nice upwards channel, we bumped off the lower support of the channel a few days ago, and things have been bought up from there. Now we are up at point that you would call a line in the sand and resistance. If we can break through the 1600 level the bulls will come back, but if not, there could be trouble on the horizon.
Even though the market has not done much for the last few weeks, the next few days on the market are going to be very important.
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