sp'weekly8b
Summary
With the break into the 1960s this morning, the weekly 'rainbow' candle turned from blue, to an outright bullish green. Of course, the market mood certainly changed with the latest Ukrainian news this morning, but the closing blue candle offers a pretty good confirmation that we have a key floor at sp'1904.
The fact we already broke above the 50 day MA of 1956 is a further good sign that new historic highs - into the sp'2000s, are likely in the weeks ahead.
BDI soars this week
BDI, weekly
A huge 30% gain in the Baltic Dry Index this week, back into the 1000s. Next upside is the 1200/1300 zone. This is no doubt why shipping stocks like DRYS managed very significant weekly gains of 11.9%.
Goodnight from London
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*the weekend update will be on the US weekly indexes