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S+P 500 sets a new all time record high above 5,150

Some days back an update here noted the top end of a rising trend line was in place on the S+P 500. That was around 5,150. Well, subsequent to that update the index fell back and traded close to 5,050. However, as the price action stretches across the screen and extends, that top end of the rising trend comes into play now at around 5,180. So, that looks like the next line in the sand from here on, now that the index has reached a new record high today, at 5,155. It is not much below that high right now too. The comments from the Fed boss, coupled with the weak data seen most lately has really ignited the rally once more today

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