The market is flat lining @ sp'1670, whilst the smaller 15/60min cycles continue to burn off a little of the excess overbought situation. There is little reason why we won't close in the mid 1670s, and that will bring the 1700s within easy reach next week.
sp'60min3' - broad outlook
I'm still running with the '5 little waves' higher in early August.
If we're going to hit the 1740/60s, we'll likely need to break 1700 in the current sub'3 wave.
So...bulls just need to keep pushing into the weekend..and beyond.
The weekly charts look as bullish as they ever have...especially for the next 2-3 weeks.
Early August will probably be a short term peak, but hell, why would it stop then?
2.14pm.. 15min cycle looks floored, and ready to jump. Upside all the way into the close, 1675 looks relatively easy.
2.27pm...and there we go...new up cycle..underway.
No doubt..the bears still short will be disgusted, and I do understand, but there is NO point holding short now. Bernanke has made sure of that.