Net weekly gains

Whilst many were calling for continued downside, US equities ended the week on a pretty positive note. It is highly notable that the Sp'500 ended the week with net weekly gains of 10pts (0.5%) @ 1978. The sp'1990/2000s look very likely before end month.


sp'weekly8

Summary

Regardless of how you might want to count this nonsense, the primary trend remains to the upside. Yes, we closed the week with a blue candle on the 'rainbow' chart, but price action remains pretty strong, and is reflected in a VIX that is unable to hold the mid teens for more than a few trading hours.

The fact that most US indexes managed net weekly gains is again testament to the underlying upside power in this market. Unquestionably...the broader trend remains to the upside...and we look set for the 1990/2000s within the next week or two.
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...and that concludes another week in the worlds most twisted casino.

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