12pm update - bulls holding the 1680s

It remains a very quiet end to the week in market land. The weekly close looks set to be a very bullish one, and should help to clarify the mid-term picture. If the market can cope with QE taper next week, then the market looks set to climb into October..if not next spring..urghhhhhhh.


sp'weekly8b

Summary

As noted yesterday, bulls just need to keep above the weekly 10MA..currently 1675.  Considering how quiet things are today, that looks pretty easy to achieve.

I sure wish I could be bearish for the autumn, but it would seem the bears had their chance..and once again failed.

As for the wave count on weekly8b, well, count it however you like, but what is clear, the broader trend sure isn't down!
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Metals remain weak...Gold -$7

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VIX update from Mr R.



time for lunch