Market is holding moderate gains, and is again making a play to break/close above the key 50 day MA @ sp'1625. Weekly 10MA is 1628, a Friday close above that, and the mid-term trend is back to bullish. How we close..that is what matters.
A red close - as unlikely as that currently seems, would at least be 'something', but really, the QE continues, and the delusion in the mainstream..continues.
Why would the bulls not be able to comfortably hold gains?
*I am short, but will look to drop/exit near the close of today, if the market is still above the mid 1620s.
There is simply no point holding short into next week, if the bulls manage such a close.
High risk of 1650/60s, if not the 1700s by early August.
Hell, just look at 10yr yields, breaking into the 2.70s.
Market simply does NOT care.
10.30am...back from a walk in the sunshine...sp'1615...hmm.
So..the 'last line'..for my weekly'7 @ 1628 is STILL holding, but this sure is the most edgy situation I've seen in many months, maybe over a year.
Bears need at least a marginally red close to confirm a 'triple spiky top' on the daily charts.