Despite the continuing US shutdown and concerns about the debt ceiling, the market ended the week on a slightly positive note. Across the week, the sp' closed fractionally lower, settling -1pt at 1690. Weekly charts remain broadly bullish, in a trend that is now two years old.
sp'weekly8 - mid-term bullish outlook
There really isn't much to say to conclude what has been a messy trading week. I think many traders have been whipsawed at least once or twice in the past few days.
The US equity market remains vulnerable to sporadic news headlines on the shutdown/debt ceiling, but what should be clear to even the more ardent doomer-bears out there...
The debt ceiling WILL be raised, whether 'in-time'..or a few days after Mr Market gets briefly upset.
Two years..and still going
The bigger picture remains starkly bullish, after a rally that is now two years old...from sp'1074 to 1690...roughly 60%. So...with continuing QE..why not another 60% by late 2015...which would be sp'2700? Doesn't sound so bearish huh?
Goodnight from London
*next main post, late Saturday - on the US monthly Indexes