sp'daily7 - fib levels
sp'weekly, 2yr
Summary
We continue to scrap along the upper channel/trend. A little burst into the 1560/70s looks viable at any time. Fib' levels still suggest 1470s as the primary downside target - which also happens to be near the old resistance highs of last September.
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Something I am considering..for the weeks..and months ahead...
sp'weekly'4 - hyper bullish outlook
I should first note the above chart is part of a much broader outlook - one that I might fully detail this weekend Suffice to say, its a disturbingly bullish outlook.
This outlook assumes some truly crazy price targets into 2014..and beyond. .
On any basis, I can't see a break below the weekly lower bollinger. Yes, its still down at 1350 right now, but that will be rising soon, and by late April it might be up to 1450/75 (rough guess). Naturally, any decline from 1550/1600..down to say..1470/50s, will then be met with some VERY significant buying.
Bears likely face a very long summer of woe..and algo-bot melt.
On the flip side...
sp'daily4, remains a primary outlook I am still keeping in mind.
It is broadly in line with many of the other 'bearish' outlooks out there. I just wish I could have at least some faith in it.
So long as the Fed keep throwing 85bn a month at the US markets, I just can't believe that the current cycle is the 'grand top' of a four year cycle. We'll know soon enough.
Looking ahead
We have some pieces of econ-data for the market to deal with tomorrow, primarily - retail sales. The Oil report will certainly also be important for the energy sector.
*bears should recognise its opex this Friday, and with two large POMOs on Thursday and Friday, I don't expect any significant equity weakness until next week. Even then, we might see a final small wave higher..to kick out another set of bears.
I will be looking to go long Silver and Oil in the morning....if the price action looks good.
I certainly will endeavour to remain patient, and won't be launching an index re-short /long VIX, for probably another 5-7 trading days.
Goodnight from London