upside risk

Some of the international indicies have now broken out of their neat downward trend channels.

That suggests quite considerable risk of decent upside movements.

With the Fed meeting next week it may mean any pull back will be just that and that we then continue higher after that. Not necessarily suggesting new major highs.

Maybe the trend lines just become meaningless at this time but some momentum indicators too are pointing higher.

For the first time since the top it is time to be watchfull in both directions IMO.