sp'daily5c - warning levels
Trans
Summary
*the Transports continues to be a major problem for those in bear land. If it breaks new highs, then it would bode strongly against any kind of November 'crashy' scenario.
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As things are, we have started the week with the second consecutive green candle on the weekly 'rainbow' chart...
sp'weekly7
Another green candle is not unexpected, and prices are stuck just under the key weekly 10MA, currently @ 1967. A brief move into the 1970s is tolerable, but I would certainly want to see a weekly/monthly close in the 1950s to keep the bigger cycles bearish.
Looking ahead
Tuesday will see Durable Goods orders, case shiller HPI, richmond fed, and consumer conf'. That should be plenty to wake most traders up, but many will likely not want to get involved ahead of the Fed.
*Next QE is.... ohh wait..... that's right.... its finally over :)
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Closing update from Riley
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Goodnight from London