sp'weekly7, rainbow
sp'monthly3
Summary
*it is notable that the monthly 'rainbow' chart has been without a single red candle since Sept'2011... truly.... utterly... incredible.
Upper bollinger is offering the 2140s... whilst weekly cycle offering 2110s.... so... that is a clear 4% of upside in the near term.
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It would seem that the spike-floor candle (see hourly charts on earlier post) are indeed indicative of another floor. The bull manaics just need a daily close in the 2050s to fully clarify that new historic highs are coming. Whether that occurs by this Friday.. or early next week, really shouldn't matter to anyone already on the long side.
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Looking ahead
Thursday will see the weekly jobless claims and consumer credit.
No doubt though, Mr Market will be more focused on the monthly jobs data.. due Friday. Market is seeking net gains of 245k.. with a slightly lower headline jobless rate of 5.7%. Those estimates do not seem overly hopeful.
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Goodnight from London