US indexes continue to regularly break new historic highs. There is near term viable upside to sp'1930/35, with 1940/60s more likely at the time of the FOMC of June'18. Core rising support on the giant monthly cycle is now in the sp'1830s.
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.
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.
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
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.