sp'weekly8
Summary
The weekly 'rainbow' chart managed the fourth consecutive green candle. There is simply nothing bearish here, and as I feared, there looks to be considerable upside potential into year end.
However you want to count this nonsense, the primary trend is clearly to the upside, and in many ways..until we take out the June low of 1560, the bears really can't get confident about anything. That is of course a huge 200pts lower..
Anyone dare think the 1500s are viable any time soon? I sure don't, and I am guessing we won't even go below sp'1700 for the rest of this year.
For the remaining doomer bears out there, late spring 2014 -which is when I believe we'll see an intermediate top, feels like a very long time away.
Goodnight from London
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*next main post, late Saturday, on the World monthly indexes.