Eyes on the next turn

A quiet start to the week for the US equity market, which was a relatively strong performance, considering the Greek election result. A fair question in the near term is how high might the current multi-week up wave go? The sp'2100s look a valid target.


sp'weekly7

R2K, weekly

Summary

*with the micro burst of upside into the close, the weekly 'rainbow' candle flipped from blue to an outright bullish green.
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As noted at the weekend, the price structure on the R2K is particularly bullish, with spike floor candles in the previous 3 weeks. Upper bol' on the weekly cycle is offering the 1240s...if hit, that would almost certainly equate to somewhere in the sp'2090/2110 zone.
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Looking ahead

Tuesday will likely be 'light trading' due to many being away due to snowy weather. However, there is a truck load of econ-data...

Durable goods, case shiller HPI, PMI services, new home sales, consumer conf', Richmond Fed manu'

Without question, all of those data points will give the market an excuse to move in the early morning.
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Goodnight from London