The market is holding flat, whilst the smaller 5/15min cycles are resetting. A further wave higher into the close to sp'1673/75....appears easily viable. There are simply no sellers out there, and why would there be ? The Bernanke is out there..every day...'inspiring' things.
Look at the MACD (blue bar histogram) cycle, its around 60/70% reset already, and looks set to rally higher into the close.
Bears are absolutely obliterated again, and those sp'1700s don't look far away now.
Indeed, its now easily viable next week.
*I am now long USO, seeking the 38s
Primary weekly trend is up..and the 40s look viable by early August.
Ironically, I've been 7/8 'good' on USO trades recently, why wasn't I going long a few weeks ago, not least with all the bullish oil charts I was posting? Urghhh !
As for the metals, both are sharply higher,
...but they are still probably just building yet another bear flag. Weekly/monthly charts look..dire