The bigger cycles remain key

Whilst many market watchers get lost in the minor intraday, or day to day noise, there is infinitely better clarity in the bigger weekly/monthly cycles. At no point this week did the weekly cycles turn bullish (even at the Monday sp'1977 high).


sp'weekly7a - H/S scenario

R2K, monthly3 - fib levels

Summary

We continue to hold the second red candle on the weekly 'rainbow' chart, and look headed for a hit of the important lower weekly bollinger.

Yes... the H/S scenario is just one way things could pan out.. .but still.. its a personal favourite

As for the R2K... it is completely broken.. headed for 1000.. if not the low 900s.
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Looking ahead

Import/export prices, and US Treasury budget, but who cares about those?

There are 4 fed officials due to speak... and perhaps that will cause more upset for Mr Market.

*next QE is Tuesday
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Goodnight from London