Closing Brief

The bulls are in absolute control of the market, with the sp' closing +5pts @ 1680. There is simply no action on the sell side, moderate buying, and with 'sleepy summer trading', these are prime conditions for relentless algo-bot melt...all the way into early August.


sp'60min3 - broader outlook

Summary

..and another week comes to a close. For those still short, and 'hanging in there'..a lousy way to end the week.

As I feared, bears are utterly powerless, and the default trend remains to the upside.  There is no reason why we won't see Mon/Tuesday higher...before perhaps a few days of chop via opex/Bernanke speaking to the House/Senate.

*I am entirely on the sidelines, having exited a small Oil-long trade earlier today.
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Have a good weekend

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*next main post, late Saturday, on the US weekly index charts