On any basis, a dire end to the week for the bears..and the bulls can now start to dream of sp'1500/1600 by the year end - if they get a big enough QE3 fix within the next 7 weeks.
sp, monthly, rainbow (Elder impulse)
*ignore the projection on the chart. Right now..the trend is back to UP.
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Summary
The monthly cycle...is now outright bullish. The July trading month still has two days left, but baring a significant turn around (with declines) by the Tuesday close, we will close July..bullish.
Yes, not all the indexes are as bullish as this. The Rus'2000, Transports, NYSE Composite, and the Nasdaq Composite are now back to neutral. Yet, the bullish SP'500 and Dow'30 are hugely important, and they are currently warning of a major trend change to the upside.
Right now..that's all that needs to be said.
Goodnight from London