sp'60min
Summary
It is a tricky day to call. Yes, the smaller cycles are all maxed out, and we're due to slip moderately lower. Yet, there is sig' QE, but more than that, the daily/weekly cycles are back to bullish.
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As noted at the weekend, all things considered - not least the weekly spike-floor candles for the R2K/Nasdaq, we will surely see further net gains this week.
It would seem unlikely that we will break sp'<1800 before late June...at the earliest. I realise for those still holding on the short from side from 1814, that is not the most inspiring of thoughts.
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Update from 'oldschoolchartist'
I don't often highlight the above poster, but I do keep an eye on his outlook. He is certainly not particularly biased, and that is always a good thing!
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Have a good week everyone!
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8.52am.. indexes turning negative, sp -1pt, 1863
9.21am.. minor chop to start the week, lets see if we can get a rollover on the hourly cycle, but still..with QE..it will be difficult today.
9.43am.. minor chop indeed, and no doubt, many are getting confused.
Hourly cycle...pressure down.
Daily/weekly...UP
On balance, you'd have to go with upside, right? $3-4bn of QE..is going to help.