sp'weekly8
Summary
There was a bizarrely large amount of bearish talk across the past weekend about how we're going to see a correction into the 1750s..or even lower. As I keep noting...price action simply doesn't suggest that. Bears lack any downside power..and hey..the QE continues!
There is the increasing possibility that we won't even breach <1800 until the summer. How does that sound?
Looking ahead
Tomorrow will see the ADP jobs data - released pre-market, that should be enough to set the tone for much of the day. However, far more important, we have the FOMC minutes (2pm), which will no doubt get everyone into renewed taper talk. A further 10/15bn looks very likely, but probably not until March/April.
Regardless, I suspect the market will use any talk of QE-taper as a positive (ohh the irony!)..and a Wednesday close in the 1850s is very viable.
*next sig' QE is not until Friday
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Goodnight from London
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Video update from Oscar
Oscar was bearish for Tuesday, which was surprising to me, since his Trans' chart was highly suggestive of a hold on support. I think his near term ceiling on the sp' is around 1900 by early Feb - not that he has yet said it..but that is where the top channel is on his chart.
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