Closing Brief

Another day of failure for the bears, where the main indexes saw moderate declines in late morning, only to rally into the weekend. Most indexes closed effectively flat/moderately higher. The sp' close of 1691 was a real victory to the bulls, and opens up the 1710/20s next week.


sp'60min

Summary

*the close of 1691 breaks the B' have high, and arguably confirms the wave'4 ABC.
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For the bears, another deeply annoying and frustrating week, not least todays price action.

As I feared in late morning, with the underlying MACD cycle already very low, the bulls were always going to have a good chance at pushing things higher.
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Its been a rough week for many, not least yours truly. I will hope the mid-term wave count is broadly correct, and that we will have downside back into the mid 1500s by mid September.

Have a good weekend
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*next main post, late Saturday, on the US weekly index cycles