sp'weekly
sp'monthly
IWM, monthly
Trans, monthly
Summary
The market is comfortably holding onto almost all of last weeks gains. In fact, the Trans and Rus'2000 are already above those levels. It is the SP/Dow/Nasdaq that are lagging behind, still under the Sept' QE highs.
The weekly chart clearly shows last weeks starkly bullish candle, and so far this week, we've really not seen any form of retracement. Right now, even a move to the low sp'1440s looks somewhat difficult, but I'm guessing we'll get there one way or another.
The hugely important monthly chart is absolutely outright bullish. A very natural target would be the upper bollinger, somewhere around sp'1510/20 in February/early March.
Baring a surprise break below the key 1398 low, this market is unquestionably headed...UP.
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*i remain short from sp'1457, seeking an exit @ 1445/40 within the very near term. At some point next week, I'll be looking to go long.
Goodnight from London