Closing Brief

The US indexes opened lower, and once again rallied slowly - but consistently, across the day. There was a little weakness into the close, with the sp @ 1649  Most indexes declined by around 1.3% across the week. Oil and the metals both closed weak, with the USD lower.


sp'60min

Summary

Not a bad week, one where we saw a classic reversal day, and even had some follow through early Thursday.

It does seem we are still playing out some kind of ABC /wave'2 bounce. It sure is taking its time to play out though.

Hourly MACD cycle is still ticking higher, and already went positive on the R2K.
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*I am back on the sidelines across the long weekend, and will look for a re-short early Tuesday, not least if we can get into the low sp'1660s.
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Many thanks to all those who commented this week.

Have a good weekend
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*Next main post, late Saturday, on the US weekly index charts.