sp'weekly8b
Summary
We're now at 9 consecutive green candles on the weekly 'rainbow' chart, and only the FOMC of next week offers the first real chance of an end to the current multi-week up wave.
All things considered, it looks like we might see a minor retrace starting next week, but with a further (small fifth?) into early/mid July.
For me..I will certainly consider an index short..if 2-3 blue candles in mid/late July. I suppose there is a possible short index play viable next week.
--
The bearish R2K scenario...soon to be scrubbed.
R2K, weekly2
I do not expect this to play out, arguably any price action into the 1190s should be enough to scrub the scenario, 1200s to be more decisive.
-
Looking ahead
The only thing due tomorrow is wholesale trade data, but I don't place much importance on that data point.
*there is sig' QE-pomo of around $2-3bn... bears..beware!
--
Goodnight from London