sp'daily5
Summary
The daily chart is showing an accelerating trend, within what is a clear wedge on the hourly charts, and when you consider the hourly cycle, it'd seem there is a pretty high likelihood of a retracement starting sometime next week..
Yet, a retracement will probably be no lower than 1380.
So long as we don't break below the recent cycle low of sp'1354, the bulls are now firmly in control. Even though buying volume is weak, with no sellside volume at all, the algo-bots are getting an easy opportunity to melt the indexes upward.
There does seem a growing consensus for the sp'500 to max out somewhere around 1455/75 by mid/late September.
A little more later.