1pm update - inexorably higher

Market is very quiet, and the hourly index charts look very bullish for early next week. It looks like the bulls will get a close above trend support - currently around sp'1617/18. The metals and Oil are offering initial signs of a turn. VIX is still a touch higher, but a Friday red close looks very likely.


sp'60min

USO,60min

Summary

There remains no reason why we won't close the week at least around these levels, and that will make for some very bullish weekly charts.

*I am long Oil (via USO), and am very content to hold across the weekend, and probably will trade in/out, on the long side for the next months.

If the sp' is in the 1750/1800s by late July/August, then surely Oil will be >$100, if not 115/125, which would equate to USO >40.
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