US indexes remain stuck within the sp'1990/50 zone, that is now a full three weeks in duration. The broader weekly/monthly cycles remain outright bullish, and a break to the upside still seems likely. VIX is offering a spike top of 13.64.
*the down channel is pretty clear, equity bulls need the 1980s...which will open up the giant 2000 threshold later this week - more likely...Friday.
I realise many are still getting overly hysterical about every time little down wave..whether -0.5%..or even a full -1%.
Overall though, this is the same style of price action that we've seen for a very long time. Until something dramatic happens, default view is to assume the upward trend will resume... its just a matter of when.
I for one, am looking at higher levels by this Friday close.... the start of August.
VIX update from Mr T.
time for lunch
12.13pm.. Watching clown finance TV.. with Faber...they are naturally on his case about yet another 'crash call'... but I'd give him credit for the miners.. he even highlighted GDXJ.
We'll doubtless get a major 20% drop at some point, but right now... I'd still seeking the 2100s..first.
12.33pm.. baby bull flag on the 15min cycle...so long as we hold 1972