Monday, 18 August 2014

10am update - weekly cycles are outright bullish

US equities are building upon opening moderate gains, with a clear break of the Friday high of sp'1964. There is viable upside to sp'2000 in the immediate term. Metals are weak, Gold -$7. Oil is significantly lower, -1.1%.



For the equity bears..this is just another typical lousy start to the week.

I don't expect 1941..never mind 1904 to be broken for some considerable time.

The weekly 'rainbow' chart says it all....a green candle...following the blue 'turn' candle.

Notable strength: airlines (lower oil is no doubt helping)... DAL, +3.1%

10.44am.. tiresome huh? sp'1970.. VIX 12s....