Wednesday, 4 June 2014

11am update - new historic high for the sp'500

With equity bears lacking any downside we go again, with a new historic high for the sp'500. Equity bulls should be seeking confirmation via the Trans/Dow later today/tomorrow. As the indexes turn positive..the precious metals turn negative... Gold -$3



Equity bears still lack downside power..and here we melt the usual.

For me, it is a case of 'might short' if sp'1935/40s early Friday morning. That might be a valid spike to get involved with.

Next up...the Fed beige 2pm...but the really big issue is of course what the ECB will announce tomorrow.

*for those closing watching, both the daily/weekly cycles are now offering sp'1935 in the immediate term.

Generally, on a 'spike'..we could go 10/15pts above I suppose..if things are really stupid on Friday...1945/50.

11.29am... equity bears getting short-stopped out..and we're just melting higher.

It'd seem 1935 is a given..the only issue is how high can we spike tomorrow/Friday.

Based on all i've seen over the higher than 1945/50..'briefly'

11.34am.. just updating my R2K daily chart...the more I look at it..the more I like a giant H/S formation...

if so...we'll likely take another TWO weeks before this nonsense finally hits 1170/80..and then stuck.

...and that'd be around the next FOMC of June'18