sp'weekly8b
Summary
There really isn't much to note.
As for the count on the above chart, it remains a 'best guess'. Market could easily get stuck in the 1920s, but with a fair few chartists out there noting it, the 1940/60 zone does look viable in June.
Looking ahead
There isn't much of significance due tomorrow, just PPI, housing data, and the latest EIA Oil report.
*next sig' QE-pomo is not until next Monday.
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Trying my best
Having dropped a quartet of longs yesterday morning, I was indeed somewhat itchy to at least have something..and I picked up an index long position this lunch time. To be clear though, I am only interested in trading 'light' on the long side for the next few weeks.
With the broader weekly index cycles all bullish, I can only consider going long the indexes, even though of course, the current levels are historic highs.
A big turn is coming..and the next prime opportunity is arguably the FOMC of June'18, but that is a full five trading weeks away. For those currently short..that is indeed a pretty fair way away.
Goodnight from London