sp'weekly8
sp'weekly4
Summary
*note, that the upside targets on weekly'4, are unadjusted from last year. Right now, I'd look for the low sp'1900s in the current wave.
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So, we're just 8 trading days away from the next FOMC.
Considering the jobs data today, it'd seem likely we will still see QE'taper'3 go ahead. That will likely bring monthly QE down to $55bn starting in April.
Chart weekly'8 - to my surprise, has been the one to follow since I first posted it last summer. If it continues to be right, then we'll see a key intermediate'3 top at the next FOMC, and from there, the first target will be a hit of the lower weekly bollinger. By end March, that will be around sp'1820, so...we might only be looking at a 5-6% decline in an initial down wave.
As ever though.. one day at a time.
Goodnight from London
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*the weekend post will be on the US monthly indexes