sp'monthly3
sp'daily7 - fib levels
Summary
The various 'rainbow' charts are all sporting green candles, and a test of the upper bollinger band...this month..or next..somewhere around 1490/1510 seems very viable.
A minor retracement seems likely across the next few days. Fib' levels are suggestive of a pull back somewhere in the 1440/35 area, where the daily 10MA is also lurking.
Due for the trash bin
sp'daily4
Well, I suppose its not officially 'busted' yet, but anything >1474, and it has to get thrown out.
Could it really be another back test, a mere 9pts shy of the first high? I noted just yesterday that the July wave'2 was a mere '9 pts shy' of the wave'1 high..before the 12 day down cycle.
Yet, things are surely different now to then, yes?
The fact the R2K and the transports are already over their September highs, leads me to indeed believe we'll see sp'1474 taken out..in the near term.
So, the only way this chart gets back on track is if we stay below 1474...and then 'quickly' take out the 1398 low.
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Looking ahead
We have a few pieces of key econ-data tomorrow, including the big monthly jobs number, although I will be more interested in factory orders. At least the latter is not subject to 'seasonal adjustments' and birth/death issues.
Goodnight from London