With the sp' closing +29pts @ 2023, the broader market looks on track for a third consecutive net weekly gain. The sp' has climbed 152pts (7.6%) since the marginally higher low of 1871. Without question, the only important issue is whether the market can see sustained action above the 200dma.. and monthly 10MA.
A tiresome day.. and suffice to say... there is NOTHING bearish in the immediate term. Even Oil looks like it made a short term floor today, despite a rather huge net weekly inventory gain of 7.6 million barrels.
Update from Mr C.
Friday will see indust' prod' and consumer sentiment.
It is OPEX.. so expect increasing chop into the weekly close.
Don't forget about China
As of 10pm EST, the SSEC is +1.0% @ 3370.
Any sustained action >3400 would be highly suggestive the down wave from the 5100s has concluded. I think its to be taken VERY seriously.
Goodnight from London