sp'weekly'7, rainbow
Summary
The fourth consecutive green candle on the sp'500 'rainbow' chart. Unquestionably... the immediate trend is outright bullish. First support is the 10MA.. around sp'1980... itself rising each day.
As for next week and the rest of November, a small equity retrace STILL looks due... but at best ... probably levelling out in the 1980/50 zone. All hopes of sub'1900s are surely gone.
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Russia market remains under severe pressure
With energy prices remaining broadly weak, the Russian equity market remains at 5 year lows.
Russia, monthly, 20yr
I realise a fair few of you will have ZERO interest in the Russia market, but still, I think its kinda interesting to be mindful of. With the recent break under the giant 1000 threshold, next major support is around 800.
Meanwhile... in Japan
With the BoJ - and probably other central banks, buying stocks in markets across the world, the Japanese market is clearly breaking up and away
Japan, monthly, 20yr
The giant 20k level is a very valid target for the Nikkei by mid 2015... if not sooner.
Goodnight from London
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*the weekend update will be on the US weekly indexes