• The Federal Reserve remain Dovish and remain rates unchanged at 0.25%. Jerome Powell acknowledge that the economy is picking up to speed with the ongoing vaccination process. However, he shut the door on any idea of rate hike until the economy and inflation rate is stable.
• S Personal income soars with the aid of the stimulus package and change in attitude towards spending has return to pre-pandemic levels.
• S GDP grew 6.4% misses the estimated 6.5% growth rate QoQ. However, the growth rate exceeded the post GFC levels.

The weekly expanded wedge is wave IV of the cycle phase and since its rebound last March 2020, the upside remain strong and the ongoing intermediate phase has completed wave (1)-(2) of the intermediate phase. The ongoing upside is the ongoing wave (3) and that said, it will be the strongest upside in near term. However, we do factor in some minor correction before reaching the target at 36,615 level.