Having climbed from the Feb'11th low of sp'1810 to 2024, the mainstream are very close to hitting max bullishness. It is pretty amusing to see some of the once 'broadly bearish' now getting moderately bullish.. mere days ahead of the next FOMC.
Suffice to add, a new cycle high of sp'2024, although VIX did not confirm, having remained positive across the day.
The bigger issue remains whether the equity bulls can turn the bigger weekly/monthly cycles.
From a bearish perspective, I'd like to see a close at least under the monthly 10MA, and really under the sp'2K threshold.
The daily cycles are somewhat suggestive that we should see the 50dma tested before end month.. and that is currently in the 1950s.
Tuesday will see PPI, retail sales, empire state, bus' invent', housing market index
Goodnight from London