sp'weekly8
Summary
Unquestionably, the trend remains very much to the upside.
There is zero sign of a levelling/turn phase, and bulls look likely to claw into the 1760/70s next week..perhaps even higher if the market likes what the FOMC have to say.
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There will certainly be opportunity for a turn on the weekly cycles by mid-November, but based on previous cycles, we look more likely to just keep crawling higher into mid December, before year end profit taking.
Transports is trying for a weekly close in the 7000s...
The monthly chart shows the most powerful bullish candle since January. Near term upside remains 7200/7300.
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3.30pm....interesting chat on clown finance TV, even featuring Greenspan..urghh.
Every Friday afternoon, CNBC usually wheel out a doomer bear. I'm not sure what their game is here, but whatever it is..its laughable.
How is it no one is open to 1800s within the next week or two? We're only talking about another 3-4% higher, which is easily done across 2-3 weeks.
3.47pm..as I feared..Mr Market wants to spite the bears into the close...urghhh
3.58pm...well, almost the 1760s...nasty market!