2pm update - weekly charts back to bullish

With the market holding onto the sp'1590s, a quick look at the bigger weekly charts should further concern those bears with a mid-term outlook to the downside. Gold and Silver continue to build gains of $30 and $1 respectively. Oil is similarly strong, +1.5%. VIX 12s now look viable.


sp'weekly2, rainbow

Summary

Suffice to say, its about as simple a chart as you'll ever see, but it does summarise whats happening..and that is, a clear turn back to the bullish side.

First target is obviously the 1597 high.

After that, the psy' 1600 level, with the upper bollinger in the 1620s.
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I'm aware of a number of chartists who have been seeking a wave higher into May with targets in the low 1600s.Unless we strongly rollover into the weekend, it'd seem those chartists were right after all.
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Gold/Silver now in confirmed breaks above the recent strong declining trend. GLD to 148, seems a very valid target by mid May.


GLD, daily

SLV chart is weaker than GLD, but still, the trend is now starting to also turn higher.


UPDATE 2.18pm ..market stuck at 1591/92, but thats a mere 5pts from the recent high. If the market wants to boot the last set of bear stops, it won't take much.

Metals and Oil accelerating to the upside as the chasers come in.

A pretty nasty day. Tomorrow can not be worse...?