sp'daily5
Summary
For the doomer bears out there..
First target... rising trend... 1860...that looks easy..whether Mon/Tuesday.
Second...the recent low of 1842.
However.. the only target that really matters is the 50 day MA, currently 1839..and slowly rising. On ANY break of the 50 dma, we would surely see a major daily drop, much in the style of Jan'24th, when the sp' closed -38pts.
Even then, this is all minor noise, I'm far more interested in the bigger picture. The following remains the most bearish outlook I can come up with...
sp'weekly7b
One problem right now though is that a few of the indexes are somewhat out of sync, namely the R2K/Nasdaq. Regardless though, for me, a break under the weekly 10MA - which will be in the 1850s at the Monday open..is key.
So.. how do I think this will all play out?
I think many are starting to agree that this market is exhausted. Whether the top was this past Friday at sp'1897, or not for another 2-4 weeks @ 1925/50, does it really matter?
I am most certainly seeking a summer sell down to sp'1625/1575. From there, I'm planning to go all out long, although that sure won't be easy to stomach.
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The following is by Mario at SMF, I've followed him for a fair few years, and even though I don't subscribe to SMF, the weekend updates - especially the bigger outlooks are well worth hearing...
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If you're not in the mood for chart chat video, how about some dollar doom?
Doom chatter from Hunter, with the JW
Make of that....what you will. Personally, I think the 'dollar doom' talk is utter nonsense, but I do find it entertaining to listen to.
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Ohh, and here is a super short update from Mr Permabull, who is seeking ES in the 1830/20 zone within a few days.
Problem for the bulls, if that occurs, the bull maniacs lose the 50 day MA, and the weekly 10MA... in my view, that would bode for much lower levels.
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Goodnight from London
back at the Monday open :)
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ps. the Permabears send their regards.