Thursday, 19 November 2015

Bullish engulfing weekly candle?

Having seen a Monday opening low of sp'2019, the market continues to battle upward, with a Wed' gain of 33pts @ 2083. To achieve an extremely bullish engulfing weekly candle, the bull maniacs just need to claw another 13pts higher, to hit 2097.



Suffice to note.. the sp'2019 low looks extremely secure.

As I've feared for some weeks, sustained action under sp'2K looks unlikely. Now that we're already back in the 2080s, any remaining talk of 1900s.. or 1800s (from a few people) should vapourise.

There is ZERO reason to be broadly bearish right now, not least with the Oct' monthly close.

All that is missing are to see other world equity markets also close above their respective 10MAs... such as...

Germany - DAX

China - Shanghai comp'

Update from Mr C.


Looking ahead

Thursday will see the usual weekly jobs, phil' fed', leading indicators.

Goodnight from London