US equities break a new cycle high of sp'2010, with the VIX already cooling into the 16s. A fourth consecutive net weekly gain looks due, with the 200dma set to be tested early next week... ahead of the FOMC. Oil is helping the broader market mood, +2.0% in the $38s.
The week is set to end on a pretty bullish note... a weekly close >2K looks probable.
Whether you want to call the current move from 1969 to 2010 a fifth wave, what should be clear... having climbed from 1810, we're set to max out.. and the FOMC would make for a very natural exhaustion peak.
*post FOMC - in terms of initial downside, I'm looking to the lower daily bollinger, which by end of next week will be around 1930/20.
notable strength... SDLR, daily
Much like last Friday, the chasers are appearing in SDRL, seemingly in complete denial of the fundamental problems.
time for some sun.....