With the weekly close below sp'1700, the bears have achieved at least something this week. The weekly index charts appear to be maxed out, and are showing the initial signs of a rollover. Primary downside target into mid-September remains the sp'1600/1550 zone.
sp'weekly7 - the bearish outlook
Well, it sure was a frustrating day. Opening minor declines soon flipped to brief gains..only for the bulls to fail again at sp'1700..and then a moderate wave lower.
The same old problem remains though. The bears lack any real downside 'power', and indeed, the VIX is reflective of this, remaining in the 13s.
All things considered, the closing blue candle on the weekly 'rainbow' chart is about the best the bears could have hoped for this week.
Next week, looks set for further minor declines, and I think we'll get stuck in the mid 1670s, before yet another small rally into Thur/Friday (opex), when there also happens to be significant QE-pomo.
Goodnight from London
*next main post, late Saturday, on the US monthly index charts