3pm update - minor chop into the weekend

Despite Jackson Hole, it turned out to be a rather dull end to the week. The sp'500 looks set for next weekly gains of around 1.75%....and a further 1% looks very viable next week. Metals are ending the week on a minor bounce, Gold +$3, whilst Oil is still -0.4%


sp'60min

Summary

The broad upward channel from the Aug'7th low of sp'1904 continues to comfortably hold.

Sure, the bulls failed (a little surprising) to break sp'2000 today, but overall, net weekly gains of 1.75% are very decisive on any basis.

VIX looks set to close the week on a down note... it will make for the 10th daily decline in 11 days.


3.13pm.. hourly MACD (blue bar histogram) looks floored. Nothing decisive yet, but considering the underlying trend, Monday looks set for further upside.

The sp'2000s have taken longer than I thought likely (sure seemed viable in July)...  but...anyway...next week. Shouldn't make any difference to those still holding long-indexes.

VIX turns red... -1.4%.. low of the day.


3.34pm.. The minor chop continues...

Dow set for a net weekly gain of around 2%... 350pts or so....a powerful gain.