Monday, 18 April 2016

1pm update - no sunshine for the bears

With the Dow breaking the key Nov' high of 17977, another line in the proverbial sand has been broken through. Regardless of nominal price levels, the real issue is how resilient the market was to an overnight oil smack down and further political upset... it just doesn't care.

Dow' daily

Dow' weekly


With a break >17977, the Dow has quickly taken out the 18K threshold, which the cheerleaders on clown finance TV have been recently seeking.

Next natural target is the upper weekly bollinger is in the 18300s.. where the May' high is.

I realise some are touting sp'2092 as key.. but really... the markets response to Oil.. and even Brazil.. is arguably far more important.

With the break of the Nov' high, I would argue even if by some miracle we see a cool down to the lower daily bollinger (17400s.. but likely to soon rise)... that no longer matters.

7 trading days.. and the Fed could even get away with a rate rise... and the market would try to take it as a bullish sign... right?

Here in London city...

Depressingly appropriate.