sp'weekly7
Trans, weekly
Summary
For me, the transports will be key to watch across the next 4 days.. into the FOMC of next Wednesday. So long as the Trans' doesn't break a new high, there is still a chance of a bigger bearish down wave in November. As things are... its already too damn close for comfort.
As for the sp'500, the weekly 'rainbow' candle turned green this afternoon, but closed the day blue. Still, another move into the 1960s looks due.. the issue is whether this is merely a 'crazy bounce'.... or the start of a giant new wave to the sp'2100s - a level many are still seeking in early 2015.
Looking ahead
The only data due is new home sales.
*next QE.. the FINAL QE.. is next Monday.
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Video update from Carboni
I do strongly agree with Oscar on Gold, and another crash wave in the precious metals - along with the mining stocks, could occur across the next 3-5 weeks. I look forward to further capitulation amongst the gold bug maniacs.. when Gold is testing the giant $1000 threshold.
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Ebola headlines make for a twitchy market
As of writing (9pm EST), another Ebola headline has hit the market, and the futures have been knocked moderately lower by around -0.5%, offering an open of sp'1940 or so.
Reading around this evening, I see a fair few people open to the scenario of a VERY powerful down wave in November/early December. So long as we aren't consistently trading above sp'1970 in the days ahead, I'll certainly also strongly consider it.
For me, the two warning levels will be sp'1900... and then the key low of 1820. If the latter is taken out, there really isn't any reason why the 1650s - the key fib retrace target, wouldn't be hit within a matter of days of such a break.
Goodnight from London