sp'weekly7, rainbow
Summary
A powerful outright bullish green candle for the sp'500... and there is no doubt we have a solid floor of sp'1972.
It is very reasonable to expect the 2300s by late spring 2015.
However, considering Oil.. which is due for a massive $17/22 rally into the $70s... it could certainly help inspire the market to accelerate the trend.
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China continues to soar
The Shanghai Comp' is now higher for the eighth consecutive month, by an extremely powerful 15.9% this month...
... headed for next key resistance of 3500 - the high from summer 2009. Any monthly closes in the 3600s, should clarify that 5k will be hit.. whether late 2015 or early 2016. At present, I find the notion of new historic highs (>6124) difficult.
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Have a good weekend....
Goodnight from London
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*the weekend post will be on the US weekly indexes