ESZ5 Daily chart

The minutes from the Fed September meeting fueled a late-afternoon buying spree and pushed US stock markets up to continue an eight-day uptrend. The S&P500 managed to close above the 2000 line for the first time since Aug. 20.

Now we can see more clearly a bullish butterfly pattern developing on the daily chart. The short-term buying signal was given on Wednesday, and encouraged the buyers to keep pushing the ES up toward the C upside target in the 2025-50 area. Every dip was bought by new buyers and shorts running to cover accelerated the buying in the past two days.

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