Friday, 3 August 2012

Another crazy week at the casino

With the close of sp'1390, we're now just 32pts shy of the April peak. That's just over 2% - a mere 'strong bullish days' trading. Without question, the trend remains up, and we closed the week strongly.

There is absolutely zero indication of a turn lower.

sp, weekly


I highlighted the sp'monthly chart earlier. That is now outright bullish - which is a truly depressing way to start August, but the weekly still offers a slim hope.

The bulls will now be clamouring to take out the April highs, and then make an autumnal charge (aided by QE3 ?) to sp'1500..and even new historic highs.

First things first though...lets see if the maniacs can take out 1422 in the next week or so.

For the bears, once again its about taking out the recent lows. Now the first target remains a  break <1355, and then.

Its been a long week, with the Fed, Draghi..and today's latest hyper-ramp nonsense. It remains bizarre we keep battling away at this, its time to rest.

Goodnight from London