Yesterday's QE spike high of 1438 is fading away now, and we've already broken my end-week target of <1420. This is good! The USD is about to break 80, and the VIX is up a moderate 2-3%
sp'daily5
Summary
A move to sp'1380 seems reasonable next week, considering the Santa is lurking out there, I really don't think the recent key low of 1343 can be taken out this side of Christmas, and on balance, probably not until early January.
Yet...it has to be said, if 1438 was the peak in the wave'2 bounce, then the low sp'1200s will indeed be with us faster than most care to consider.
That is good...indeed!
--
UPDATE 1.27pm Trans, 3 spike top..that seals it, in my view.