Despite a somewhat exciting afternoon reversal, the weekly index cycles have still turned back to outright bullish. Last weeks provisional 'warning of trouble' has been fully negated, and it would seem the broader market will attempt to battle higher into early April.
The threshold for the green/blue candle was sp'1858, yet with the market opening higher today, hopes of a bearish weekly close were busted.
Instead, we close the week with an outright bullish green candle, and half of last weeks declines have been recovered.
Certainly, the equity bulls face resistance at the upper weekly bollinger, currently @ 1880. There is strong support at the lower weekly bol' of 1761, and by end April, that will likely have risen to 1840.
Underlying MACD (green bar histogram) remains bearish, but as noted across this week, equity bears can't get confident until a weekly close under the 10MA, currently 1832.
Video from Gordon T. Long
An interesting little discussion about some of the bigger issues, certainly worth a listen.
Have a good weekend...
Goodnight from London
*the weekend post will be on the US weekly indexes