Trans, weekly3, rainbow
R2K, weekly
Summary
The Trans and the R2K remain the two leading market indexes, so I thought I'd end the day with them.
Both are clearly in a VERY bullish up trend. There is plenty of upside available in the immediate term. The upper bollinger on the trans offers the low 6500s, that is a good 2%. I don't expect another 2% this week, but certainly Trans looks set to close May in the 6500/6600 zone. That will put it within 10% of the 7200 target by late August.
Looking ahead
We have the weekly jobs data tomorrow, and if that comes in okay, then sp'1640s will be available by late morning. There remains the threat of a very brief 1-2 day down cycle to shake out the weaker bulls, but I sure can't envision breaking <1600 any time soon.
On balance, the 'melting' is likely to continue for weeks, if not months.
Goodnight from London