sp'weekly8
sp'daily3b
Summary
Suffice to say, I'm holding to the broader weekly'8 outlook. Best guess remains, just another 3 weeks or so to go.
We have the third green candle on the weekly 'rainbow' (Elder Impulse) index chart. Also key to note, the lower weekly bollinger, with a new week underway, has jumped into the 1740s.
I think it is very important to keep in mind that by end March, the lower weekly bol' will likely be around 1800. It will be real difficult to break much below there in early April.
Looking ahead
We have some housing data, consumer confidence, and the Richmond Fed manu' index.
*there is sig' QE of $2-3bn...bears beware!
--
The wave continues
Just reflect on this... 1737 to 1858, a climb of 121pts (6.9%), across 13 trading days. I watched one video this morning, an infamous 'doomer' was calling this a B wave bounce. He was citing just the Dow index of course, not the Nasdaq, which continues to lead the way. Additionally, there was no mention of the two leaders, which both look set to break new historic highs.
i realise many are still calling this just another 'bounce', but really, today's break above 1850 was yet another decisive break into new territory for the bulls. Yes, the late afternoon was a little weak, but we still closed up 0.5% across most indexes. Not exactly a down day, was it?
We have two more sig' QE-pomo this week, and so long as the Yellen doesn't say anything 'stupid' this Thursday - when she faces the US senate, the bulls have little to worry about into months end.
Goodnight from London