To close today, lets take a look at the master index (as I like to call it), via the rainbow style chart
NYSE, monthly, rainbow, 6yr
Summary
We have now have 3 green candles in a row, after the blue turn candle of June.
Primary trend is unquestionably UP.
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Next target is the March high of 8327. That is easily within range for next week, so lets see if the German court and the Bernanke can help inspire this market to higher highs.
What would be hyper-bullish, would be a break above the May'2011 high of 8718. That is around 7% higher than current levels - and probably equates to sp'1500. If the Fed does do QE3 before a major down cycle, then even the (still lagging) NYSE comp' will likely break the summer 2011 highs.
Next week is going to be more active than this past week was, and this increase in market activity/events is likely to be the case as we progress into the latter half of September, and into what is often a very choppy October.
Have a good weekend...
Goodnight from London