A relatively weak market bounce this week for the bulls of +1.7%. The daily charts are presenting very clear bear flags on all indexes, and are suggestive of much lower levels by the end of next week.
All indexes are presenting classic bear flags (pink). It would appear the market is attempting/coiling up for a move to the lows from last December - aka, SP'1225/00. I suppose thats feasible by the end of next week if we finally see at least 2 major capitulation days (SP -35/40pts), and where the VIX can break into the low 30s.
The good thing for those with 'serious money', the stop levels are very clear... Bulls 1290/1300..... Bears...1325/30. There can be no excuses for anyone next week.
Well thats it for today and this week. Across the 3 day weekend, I'll post the usual updates on both the weekly and monthly US index cycles.
Enjoy the long weekend!