Lets close today with a look at the rainbow chart...
sp, monthly, rainbow
Summary
Stripping away all the usual chart stuff, we're left with a pure simple green candle for the sp'500.
We can be clear about this, the primary trend is still up. No matter what any of the doomers out there might wish to claim, the trend IS up. It is almost amusing how we are seeing claims of 'overbought', and yet its only day'1 of this new up cycle.
A very natural target for the bulls would be the upper bollinger band of 1467 - and that itself is rising. By mid/late October, the top band will comfortably allow 1500. So if the Bernanke or the Germans, fail to upset the market next week, sp'1500s are a very reasonable target for the autumn.
As for tomorrow, well, I'm not going to get too excited about the jobs data. It really doesn't seem to matter too much a lot of the time. We could open a little lower, and we'll still probably close green.
As permabear, I will merely sit back and watch. Lets see how high those bots - or even those rare 'real people' wanna keep buying this market.
Goodnight from London