Five down for the R2K

Despite a ramp from a Thursday morning low of sp'1926, to a Friday close of 1967, all US indexes saw net weekly declines. The R2K fell for a fifth consecutive week, the break of the 1080 floor remains a key issue, that many seem to have already forgotten.


sp'weekly7

R2K, weekly

Summary

*the R2K has not seen five net weekly declines since summer 2008. Six years... I thought it merited a mention... not least with the key 1080 floor being busted (if fractionally).
--

So.. net weekly gains... and a closing red candle for the sp' weekly 'rainbow' chart. It is kinda curious how many will not be aware of such an issue, after the recent day and a half of strong gains.


Is sp'1910/00 zone still viable?

Certainly, but bears can't sustain any daily closes in the sp'1970s..or higher. Similarly, the VIX will need to see a renewed surge higher.. probably a higher high in the 18/19s. Right now, those are nothing more than bold 'bearish hopes'.
--

Video from Gordon T Long, with Smith.



Interesting chatter... as ever.
-

Goodnight from London
--

*the weekend post will be on the World monthly indexes