The bounce continues

US equities continue to climb from last Wednesday's low of sp'1820, and we're now a clear 4% higher in the low 1900s. Even a bounce to the 1950/60 zone will not do enough to reverse the technical damage recently done to the bigger monthly cycles.


sp'weekly7

Summary

... slow day.... suffice to say.. despite the daily net gains, we start another week with a red candle on the weekly 'rainbow' cycle.

It should be a clear reminder of the underlying price momentum.
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Looking ahead

The only data due is existing home sales (10am).

*there is QE of around $1bn
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Goodnight from London