sp'daily5
Nasdaq, monthly, 20yr
Summary
*the Nasdaq Comp' is within 1% of hitting the giant psy' level of 5k. The March'2000 bubble high of 5132 is now within range for March.... although more likely April.
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So.. another set of new highs for the US equity market... and market appears in classic algo-bot melt mode. This could easily continue for some weeks. The only aspects that argue against that are a few individual stock charts (such as AAPL) that are clearly over-stretched... along with the R2K.
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UK - FTSE... new high.
As I have been droning on about for many months... the UK market looked set to finally break the Dec 1999 high of 6950... today... it did that... with an intra high of 6958.
For me, a monthly close in the 7000s will offer a straight run to 8500/9k before year end. The giant 10k threshold looks viable by spring 2016.
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Closing update from Riley
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Looking ahead
Wed' will be day'2 of the Yellen, this time addressing the US congress.
Data of note: New home sales, EIA oil report.
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Goodnight from London