Twelve hours ago it looked like it could be a tough day for stocks. China's reopening denial hit futures hard at the open and they traded as lowas 3738 but they're now 56 points above those levels and up 15 points on the day or 0.4%.
The market was also able to shrug off the report about iPhone production cuts due to slowing demand.
That's a pair of big headwinds to shake off and I'm inclined to believe it's traders front-running the US midterms. The question is whether that sets up a 'sell the fact' trade? I tend to think it is, if only because tax loss selling and fund redemptions are going to hit hard into year-end.
As for the technicals, S&P 500 futures looked like they were breaking down after the FOMC but steadied on Friday.
