sp'monthly2, Keltner
sp'60min4 - retracement levels
USD, weekly
WTIC Oil, daily
Summary
Primary trend remains unquestionably upward. There is easy room for upside to sp'1520, and by early March, that will be around 1540/50. So, those seeking historic highs for the SP'500 and the Dow'30, should look to March/April as the first real opportunity.
Oil closed lower today, and it could be a provisional indirect warning of the much waited for retracement in the indexes.
If dollar lower...everything else up.
The USD looks like a clear H/S on the weekly chart, and if that turns out to be the case, equities are going to surge into the sp'1600s by late spring..and into the summer.
Sp'1700s by mid summer? Yet more crazy talk? Well, what else should we be thinking? Algo-bots +POMO, and endless media hysteria that 'everything is fine', could make for one crazy bubble/ramp into Q3.
Thursday troubles?
With AAPL -10% in after hours - trading in the low $460s, tomorrow looks to be a significant lower open for the Nasdaq. Yet, the sp' is only -6pts (as at 7pm EST), and that barely rates as 'moderate'.
I think anyone hoping to see major declines tomorrow for the broader market are going to be disappointed, not least in the afternoon once the algo-bot melt up kicks in again. Its going to take at least few days to break lower, and even then, I can't see anything <1440 for many....many months.
Goodnight from a disturbingly bullish London