Daily Wrap

US equities saw another day of mixed chop, but with notable new highs in the R2K (1239), and the Nasdaq Comp' (4989). Near term outlook still offers opportunity of a minor retrace to the sp'2060s, but from there.. a straight run into the sp'2250/350 zone looks likely by mid summer.


R2K, daily

Nasdaq Comp', daily

Summary

The giant psy' level of 5k looks viable tomorrow. Regardless.. a challenge of the more important 5132 peak of March 2000 looks due within the next month or two. Once we see a monthly close in the 5200s, it opens up a straight run to at least the 6000s.

With the ECB QE-pomo train set to arrive in the EU next month... there is zero reason why the equity bears should have any hope of a sig' correction for some months.


The elusive retrace

sp'daily3 - fib levels

Right now, the mid sp'2060s look the most viable level. By middle of next week, anything under the 50dma looks out of range.
-


Closing update from Riley


-
Looking ahead

Friday will see a quartet of data, GDP (rev'1), Chicago PMI (market expects 58), consumer sentiment, and pending homes sales.

*there is a trio of Fed officials speaking at a monetary conf. in NYC...  Mr Market will be listening for any hints on rate rises this summer.
--

Goodnight from London