Weekly cycles back to outright bullish

With the break back above the 50 day MA of sp'1809, the weekly index cycles - lead by the sp'500, are turning back to outright bullish. There is an opportunity for a minor retracement to 1800/1780, but regardless of that, it looks like new historic highs will be hit in March/April.


sp'weekly8

sp'weekly4

Summary

A fourth day to the upside, but the hourly index/VIX charts are suggestive we're now due a retracement. Fib levels offer 1790/80 within the remainder of this week.
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Looking ahead

There really isn't much tomorrow. There is one fed official on the loose in the morning, the EIA oil report, and the US Treasury budget. None of those are likely to move the market much though.

*there is no sig' QE-pomo until next Tuesday
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The Yellen era has begun

As I noted earlier today, we probably have 8 years of Yellen. Whatever you think of her economic views, we're going to have get used to her. Keep in mind that Yellen is due to speak to the US Senate this Thursday, so... there is plenty more of Yellen this week.

After an 86pt (5.0%) ramp from 1737 to 1823 across just 5 trading days, lets see if the bears can manage a push lower in the remainder of this week. Certainly, with no sig' QE, the bears...have a chance.

Goodnight from London