sp'15min
sp'60min
Summary
...and another week in crazy market land comes to a close.
The closing level should be seen as a real disappointment to the bears, not least in the two leaders, both of which saw very significant net weekly gains of around 3%.
Where do we go from here?
So, this week we saw the low 1800s, along with VIX in the 31s, something that very few had expected as recently as last week.. but what now?
Scenario'1, a further minor wave lower to 1815/00.. before a bounce to 1920/50.. and then a major wave lower.
S'2 continued strength to 1920/50... and then a huge wave lower to the 1600s.
S'3... up up up... breaking new historic highs (in most indexes) by year end.
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To me, the notion of new historic highs this side of spring 2015 seems nothing less than crazy talk. The monthly charts ARE broken. The damage has been done... and it is not going to be reversed, even with a move to the mid 1900s by early November.
Regardless, its the weekend.... have a good one.
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*I hold a minor short-index block across the weekend, but it ain't looking good, with the real threat of a straight run to the 1920/50 zone.. before next wave.
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the usual bits and pieces to wrap up the week... across the evening.