With the 'old leader' - Transports, hitting another historic high today, the primary trend remains starkly higher. There is no sign of a turn, it is a market of incredible underlying strength, one that looks set to continue for some months to come.
sp'monthly3d - red candle
*I'm updating some of the bigger charts. Ohh, and yes, I'm sure as hell keeping them 'simple'. I see no point in adding 10,000 support/resistance lines..as so many others do. That makes it overly cluttered, and simple is best, right?
The elusive red candle
Sure, we might get a little late spring/early summer correction - very much in the style we've seen in the previous few years.
As noted yesterday, say we get to the sp'1600s.. bulls could easily sustain a 100-150pt fall in the sp'500, without doing ANY damage to the primary trend.
Perhaps we'll see an initial sign of weakness in April, with a closing blue candle, and then May/June with the 'moderate' correction.
With the central banks seemingly likely to ramp up the rate of printing as the year progresses - not least the BoE as it props up the basket-case that is the UK, its very likely we'll see most asset classes continue to ramp higher.
SP'1800s by year end... are at least to be....considered.
Goodnight from London