sp'weekly8b
sp'monthly2 - bol/keltner bands
Summary
*note the upper bollinger on the monthly cycle..currently in the 2040s. That is a very viable target for next month.
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The weekly candle continues to hold blue. I'm unsure as to what level would be necessary for it turn green. On any basis though, this week has been one for the bulls. Price structure looks pretty strong, and the VIX is reflective of a market that is much calmer.
Looking ahead
There is an array of econ-data tomorrow. If much of that comes in at least 'reasonable', then market should have a high opportunity to break into the 1960s...and melt higher into the afternoon.
Friday is opex, and normally I would look for mild chop across the day. However, the recent rally from the sp'1904 low looks set to continue. A break above the 50 day MA of 1956 looks a given, which will open up the 1965/70 zone.
*next sig' QE is next Thursday
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Seeking to clear the deck into the weekend
I continue to hold long, but as ever, I will look to exit into the weekend. As an options trader, this is almost always a good idea. If the IHS scenario is correct (not that I was calling for it), then we won't stop climbing until the 1980/90 zone. Regardless, I'll be more than content with an exit in the mid/upper 1960s tomorrow.
Goodnight from London