The S&P 500 continues to rise from the the bear market bottom of June 17th. The bounce broke thought the key technical resistance at 50dma. The next resistance is 100dma, and 50dma is now the new key support.

Fundamentally, the key driver for stock market next week is the Fed’s meeting. The Fed will likely hike by 75bpt, but also acknowledge the falling commodity prices – which could be interpreted as dovish by the market, and support the underlying bounce in S&P 500.