Thursday, 18 July 2013

11am update - new index highs

The underlying pressure to the upside continues, with the Dow, R2K, and SP'500 breaking new historic highs. VIX looks set to close in the 12s, for the first time in 8 weeks. Precious metals and Oil are both holding significant gains, with the USD moderately higher.


sp'daily5


VIX'daily3


Summary

Bulls remain in total control, and sp'1700s are just a matter of days..or hours away.
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*I have a 'scary thought'...what if the entire move from 1560 to the present, is merely a sub'1 of wave'5 ?

I have seen a few out there who are looking for upper 1700s/1800s before the next drop.
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I'm guessing no though, hence the count on the daily chart, assuming sub'4 was just complete yesterday.

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For the bears, another week..or so to wait.