Dow'monthly2, rainbow
sp'monthly'2, Bol'/Keltner bands
Summary
Now, of course, just because the upper bollinger/keltner bands have jumped higher, it does not mean we're going to hit those levels..but considering the past two years...you'd have to bet on the side of the bull maniacs.
Certainly, with continuing QE, the equity bears face a very tough task just to knock the market 1-2% lower. There remains huge upside pressure in this market, and despite some end year selling issues (whether for tax purposes..or whatever reason), the market is more likely to continue broadly higher..than be in the process of forming a multi-month top.
Indeed, equity bears should go stare at the following for a good hour...
sp'weekly'8 - mid-term bullish outlook
I'm holding to the original outlook from early summer. General upside into late spring 2014, with a key multi-month intermediate top...and a down wave concluding in the Aug/October time frame.
Looking ahead
There really isn't anything of significance due tomorrow.
*there are TWO QE-pomo tomorrow, the bigger one is due in early afternoon, so...bears beware of a latter day ramp!
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I remain largely on the sidelines, having bailed on an SLV-short, early this morning. I was looking for a bounce..but metals seem super weak. If the declines in the precious metals continue across Tuesday, I won't chase them lower, and will look to other things.
Goodnight from London