sp'weekly8
sp'monthly
Summary
So..we now have 8 consecutive green candles on the weekly 'rainbow' chart. Unquestionably....bullish.
Even if equity bears could break low to the 1830s..that would still not break key rising support - the 10MA. That makes for a significant 'safety buffer' of 90pts for the equity bulls.
Looking ahead
Tuesday will see factory orders data at 10am, and that will be kinda important to keep an eye on.
*there is sig' QE-pomo of $1.5-2bn.
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Trying to be careful
Yours truly remains on the sidelines. I was real tempted to pick up a day-trade on the long side this morning, but as the sp/dow threatened downside into the afternoon.. I held off. Oh well, better to miss out on a trade, than be overly early.
I'd not be particularly comfortable to launch any brief index shorts unless sp'1930/35 this Wed/Thursday. Even then, taking a short trade against the weekly/monthly cycles is pretty risky, especially if holding for more than a day or two.
Goodnight from London
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Interesting econ-chatter, Martenson, with Jacobsen
I certainly don't agree with some of the theory/outlook, but still..I think its worth a listen..for those that have the time.
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