This is old school ramp. The kind of stuff the bear doomsters have nightmares about. The amazing thing is that from 3pm yesterday, to 2pm today...we've gone from 1313 to 1356. Based on...nothing of any real substance.
It feels like August 2010 all over again..except without the Bernanke.
sp' daily, 4mth
From what was a bearish weekly candle yesterday afternoon..to what is now a bullish candle. Its one hell of a turn around in what was primarily a two hour trading hyper-ramp.
Next target is a break/close over 1363..that would probably open up 1380/90 next week, even 1400 if the market decides next weeks lousy jobs numbers means 'QE3 coming in August'.
Whatever 'this' is..it sure is not suggesting we'll be trading lower next week.
The monthly charts will close June now looking only marginal bearish (we do still have a clear rollover since April). Yet..the mid-term outlook in the weekly charts are now starting to look....bullish.
This is not how I had anticipated we'd close June...
..ohh the humanity!