sp'weekly7b
sp'weekly4c -the 'top is in' scenario
Summary
So, a second choppy day for US equities, but most notable..we did break a lower low in the morning.
re: weekly4c. That remains a very alluring scenario. I will go with it fully, if we hit the lower weekly bollinger - currently sp'1687..but rising 10/12pts a week. So..next week, if we are around 1700, we'll probably have hit it.
Where it will get interesting, if on the next multi-week bounce. So long as we hold <1850, preferably 1775/1800, there is a very significant chance of a major collapse wave to the 1500s this late spring/early summer.
Looking ahead
We have trade data, productivity/costs, and the usual weekly jobs data. There are also two fed officials on the loose.
*there is no sig' QE-pomo until next Monday. Bulls....beware!
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Goodnight from London