Closing Brief

The market saw chop for much of the day, with a somewhat surprising new cycle low of sp'1577. However, the index hourly cycles floored by late morning, and we closed the week significantly above the lows. Seeking Monday bounce, before severe falls later next week.


sp'60min

Summary

...and another week comes to a close!

Congrats to those bears who shorted the Bernanke this week, and who have cashed out into the weekend.

Another much stronger down wave looks likely later next week. Best guess, we see a bounce to sp'1620s by late Monday.


Have a good weekend!
--

*next main post, late Saturday, on the US weekly index cycles