10am update - minor chop

The main indexes open with very minor chop. Underlying pressure remains very much to the upside, and regardless of any minor down cycle today, the bulls are unquestionably in full control. A weekly close in the 1750s looks likely. Metals building gains, Oil trying to recover, -0.6%


sp'60min

Summary

Certainly, the hourly charts look over-stretched, but shorting would be madness. Even a fall to 1730 would merely be another buying opportunity.

The bigger weekly chart...

sp'weekly8

Note the upper bol' has jumped to 1755, and that is a very reasonable target to close this Friday.

*by the end of next week/month-end, we're probably looking at 1760 - which is in the zone that many are now calling for a top (good morning deflationland!).
-

Momo stocks are ripping...

AAPL, daily

August high taken out...next level is 580/600..by year end?