sp'60min
sp'daily5
Summary
For the moment, 'normal service' has indeed resumed.
QE is fuelling this no doubt, and with low volume, the bots are able to easily melt this nonsense higher.
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Worse case for the bears - assuming we rally into the Friday/end month close, sp'1540s.
The problem with that level is that it would utterly wreck the weekly charts current down cycle, and suggest that 1560 was a key low, and that we're now off to the 1700s.
If that's the case, I'm in trouble.
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On the flip side, there should 'in theory' be very strong resistance at 1620, with the 20, 50 day MAs, Fib' retace levels, and declining trend/channel.
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10.02am..this is why I am getting really edgy.
If we CLOSE this week >1603, the weekly candle will be blue, and ANY close >1620, and it argubly destroys any further downside potencial.
Urghhhhhhhhhh
10.15am...bears just need to break this back <1610.
A daily close <1610 will BREAK the current bounce/trend.