sp'weekly7
Dow, weekly
Summary
*Indeed, equity bears should seek a weekly close <1838.
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The above chart lacks the 'best case summer doom' of weekly7b, but still, the bears do have some things to tout today, most notably - the break into the 1830s.
We have the second consecutive blue candle, and this morning, as the 50 day MA was broken, the weekly 'rainbow' candle turned...red. A closing red candle this week -in my view, would really open the door to the 1770s next week.
A hit of the lower weekly bollinger would give a strong initial confirmation of weakness into the late spring/summer. Primary downside target remains sp'1625/1575..before another hyper wave to the upside.
Video update from Gordon T Long, With Charles Hugh Smith
As ever, for those interested in the bigger macro picture, well worth giving some time to.
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Looking ahead
Tomorrow will be all about the FOMC minutes, due at 2pm.
*next sig' QE-pomo is not until Thursday.
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I remain on the sidelines, and will consider an index re-short/ VIX long, on any continued bounce. If the market can't rally hard on the Fed press release...a reversal will be likely - not that it is absolutely necessary tomorrow afternoon.
Goodnight from London