A mixed week

It was a pretty mixed week for the US equity market. With the fifth consecutive daily decline, the market put in a spike floor of sp'1992... but then saw a powerful two day rebound. The sp'500 saw a net weekly decline of -13pts (-0.6%) @ 2044. The sp'2100s still look due.


sp'weekly7

Summary

Suffice to say.. both sides can claim something of a victory this week. Bears ruled Mon/Tuesday... but the powerful gains of Wed/Thursday, were not exactly surprising.

The closing blue weekly candle does offer some hope to the equity bears. The most bearish 'reasonable' scenario right now would be another minor wave lower to test the 200dma in the sp'1960s. Yet that does seem unlikely.

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*I hold long the equity market across the weekend... seeking the sp'2090/2110 zone next week.
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Goodnight from London
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*the weekend post will be on the US monthly indexes