Market remains a bit choppy, but the hourly index cycles are all suggesting further upside. With a triple candle floor on the daily cycle at the 1306 level, we are on track to hit 1350s later this week. The next key issue will be retail data tomorrow morning (8.30am EST), if the market likes it...the trend will indeed take us beyond the recent 1330s high.
* a little peak at the VEU chart, target remains 41...that should be the peak, and itequates to sp'1350s..and then down we go.
Index gains are a slipping a little lower right now, but the hourly cycle says UP. VIX is only marginally lower, the threat of 26s though, seems out of range until next week.
It would seem the bears had their chance to knock the market under sp'1306..and they failed to seize the opportunity - whilst Spanish bond yields were spiking, so..underlying action is choppy...but underlying upside.
Still holding to near term target of sp'1350.