sp'weekly
sp'monthly2, Keltner
Summary
Despite being a self titled 'doomster', the market is...what it is. Right now, this market is BULLISH. I could write endlessly on how 'stupid' this is, and how the fundamentals don't support it, but no.
The market..is...what it is.
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Sucking in a few naive bears?
The market still looks prone to a retracement across the next 2-4 days, and we could easily be trading somewhere around 1440/30. A fair few others 'out there' are suggesting a gap fill @ sp'1425.
The rising channel - seen on both the daily/weekly charts, as at this Friday will be 1415. So, even a move into the low 1420s would do NO damage to the bullish outlook.
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I'm considering a 'brief' re-short sometime Tuesday...but I might just sit it out..and wait to take the default trade..which is now to go long.
If we're somewhere around 1435/25 later this week, that will be a 'close your eyes, and hit the long button' moment, even for yours truly.
*Keep in mind that Tuesday we start Q4 earnings reporting, with Alcoa (AA) at the close. So, Mr Market will have a lot to consider across the next few weeks.
Goodnight from London