A mixed week for US equities

It turned out to be a somewhat mixed week in market land. There were notable new historic highs for the sp'500 (1991) and transports (8515), whilst the equity bears managed to knock the market moderately lower into the weekend.


sp'weekly

sp'weekly8

Summary

A third consecutive weekly blue candle on the Elder Impulse 'rainbow' chart, and certainly, it is something for the equity bears to be 'curious' about. Yet we are still comfortably above first support of the 10MA, which next Monday will jump into the 1960s.

As things are, I can't take any declines seriously, unless the equity bears can manage a monthly close under the monthly 10MA, which is currently @ 1867, and that sure doesn't look viable for some months.

...and that concludes this week.

Goodnight from London
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*the weekend update will be on the US weekly indexes.