Saturday, 21 September 2013

Broader trend remains to the upside

Despite the indexes closing the week on a slightly negative note, the sp'500 climbed for the third consecutive week, with net weekly gains of 21pts (1.3%). With the 1709 high from early August being decisively broken, equity bulls look set for continued upside into October.



Just a single chart to end the week, and I think the above weekly 'rainbow' chart says all that needs to be said.

The bulls managed to climb for a third week, and more importantly, the old 1709 high has been broken - as also matched on all the other indexes.

*I am long the market from sp'1713, seeking an exit later next week in the sp'1730s.

Goodnight from London

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