Dow, weekly
Dow, monthly'2, rainbow
Summary
The mighty Dow is indeed presenting a powerful bullish candle this week, and it will make for the third consecutive weekly gain, and an important close above the weekly 10MA.
The bigger monthly chart was offering the first outright bullish green candle since last December, this afternoon. The daily close was blue, but still, unquestionably bullish.
Looking ahead
Friday will be all about Yellen at Jackson Hole. I'm not even sure if we'll get a live stream of the speech. Regardless, market will want to make a play for the giant sp'2000 threshold.
*next sig' QE is not until next Tuesday.
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Continuing to sit on the sidelines
Just consider that last Friday morning we were in the low sp'1960s. I exited long at 1962... a mere few hours later.. we were 1941. I'm a touch annoyed at not holding long another week, but really, I'm tired.
If we get a pull back to sp'1960/50s.. I'll pick up an index long for a trade into September, otherwise... I'm content to sit it out until the current multi-week up wave completes in mid/late September.
Keep in mind that I've not shorted the equity indexes since last summer, so..if I do go short this September, it'll be something of a major trade for me.
...and now for something rather different.
I noticed the following this evening (via gizmodo.com) A 7min short 'Dust', filmed just a few miles to the east of yours truly. Fans of Alan Rickman will be especially pleased... enjoy...
Goodnight from London