sp'daily5
Summary
Equity bears still lack downside power..and here we are...in melt mode...to the upside...as 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 book..at 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 that...so 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 years...no 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