2pm update - weekly charts looking tired

The main indexes are holding moderate declines, and despite an expected little more upside in the near term, the weekly charts are starting to looking particularly tired. If sp'1710/20s are hit later this week, the market will be well over-extended.


sp'weekly8

Summary

A long week ahead, but for the bears out there, the current candle on the rainbow chart is indeed a blue one, the first bit of weakness since the June'24 low - as seen across a number of indexes.

I'm still assuming a little more upside..before the reversal though.

Plenty of econ-data this week to give the market an excuse to ramp, never mind the 'we won't taper' FOMC.


AAPL, nothing bearish in the near term...

Indeed, a hit/test of the 200 day MA in the mid 470s looks a given.