2pm update - broader trend remains intact

With the recent low of sp'1978 holding, equity bulls are making another charge to the upside. There will unquestionably be some stiff resistance in the 2000/2010 zone, but still.. the broader price pattern across the last 3 years is pretty clear... we're likely headed to new highs.


sp'weekly8

Summary

*I continue to refrain from using any wave counts on the bigger weekly/monthly cycles.
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So..a blue candle on the weekly 'rainbow' chart, and this could easily be just another cruel tease to the equity bears.

The weekly 10MA - which I drone on about week after week....... after week... has held today. A simple review of the past few months.... does offer a pretty clear suggestion on how this usually turns out.

Best case upside for the bulls... mid October, 2030/40s. The 2050/60s look difficult to hit... even if earnings come in somewhat better than expected.

...indeed. Q3 earnings are barely two weeks away.