3pm update - minor chop into the close

The indexes are comfortably holding moderate gains, with the sp' above the pretty important 1520 line. There is simply no power to the downside, and it really looks like we're back to melt mode for a few weeks. Oil has noticeably snapped lower, the strong dollar is not helping!

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You could switch on clown finance TV for the closing hour, but why not watch the eagles instead?



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sp'60min

sp'daily5

Summary

The underlying MACD (blue bar histogram) cycle is now ticking higher for a third day. We could easily crawl higher for another week...or two.

That would get us into mid-March...sp'1550s, which will likely prove to be a brick wall.

Then we will see if the POMO $ is enough to break through the steel reinforced concrete.- of what many are seeing as a giant triple top, spanning 13 years.

back after the close
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