1pm update - pushing upward

Without getting lost in the minor noise, the bigger weekly cycles are still bullish for many indexes. Sp'1910/20 looks viable within a week or two, and perhaps that might equate to VIX in the 10s. For now, equity bears look set to get ground into dust into mid summer.


sp'weekly8

Summary

There is little to add.

We have the sixth green candle, and unquestionably..this is not currently a market that is viable to trade on the short side.

The weakness of Tuesday is now fully faded, and the primary trend has resumed. This is not least reflected with a new historic high on the Transports.
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I am content to remain on the sidelines until after the long weekend. Personally, I can't consider any short side trades until mid June.

Notable weakness: coal miners, BTU -2%.