Following the failure of the Doha OPEC meeting to freeze oil production levels, markets initially followed oil lower. However, soon after the open, US markets shook off the bad news and rallied, hitting new post-February highs, extending the strong momentum that carried the market higher all though march. The pace of gains has certainly decreased, yet the S&P 500 continues to move higher in a relatively orderly channel with a well defined rising range evident on the 30 minute chart below.
With domestic equities breaking out the path is mostly clear for a re-test of the all time highs. However, a straight path higher is rarely the likely one, and there are plenty of newsy items on the horizon that could through up roadblocks. A bumpy road should be expected, though a higher road nonetheless.