Next Up: Big Ben & The German Constitutional Court

Dr. Bernanke, the Federal Reserve and the German Constitutional Court follow Mario Draghi to center stage Last week was all about Mario Draghi and the European Central Bank stepping up to buy bonds in an attempt to defuse Europe's ongoing debt crisis. The action electrified markets and now market players turn to Wednesday's ruling by Germany's high court and Thursday's FOMC meeting and Bernanke press conference. On My ETF Radar INSERT CHART Chart courtesy of StockCharts.com In the chart of the S&P 500

we can see how the index blasted through all near term resistance levels to log an “ascending triple top breakout” on August 7th. This is a very powerful buy signal and would point to still higher prices ahead. Near term support is at the 1340-1360 level and a descent below this level and the blue bullish support line would indicate the end of this current rally. Point and figure charting methodology points to an upside target of 1550 on the S&P 500,

approximately 7.9% above current levels. Standing on The Economic Summit U.S. stocks and ETFs hit multi-year highs last week, going as far back as December, 2007, for the Dow Jones Industrial Average

) and January, 2008, for the S&P 500

For the week the S&P 500

jumped 2.2%, the Nasdaq 100

climbed 1.9% (its highest closing level since November, 2000) and the Russell 2000

soared 3.7%, a 116% gain from its February, 2009, closing low. Gold

remains in strong rally mode, up 2.7% for the week and 12.8% from its mid-May low. Click here to continue reading: https://ra987.infusionsoft.com/go/BenzingaProSignUp/Benzinga/