Bullish start to the week

US equities have begun the week on a particularly bullish note, sp +26pts @ 2104. Yet, today's gains do little to negate the various bearish signals seen across the last few weeks. Unless the bulls can break the highs from not just last week (sp'2112), but July 20'th (sp'2132)... outlook remains bearish.


sp'weekly

Dow, monthly

Summary

*Despite a net daily gain of 241pts (1.4%), the Dow monthly still looks pretty ugly. Right now, new historic highs >18351, look out of range for some considerable time.
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The broad chop since February continues.

Increasingly, some are recognising that this is largely a correction across time.. rather than price. However, the even bigger monthly cycles are still offering a sig' correction of 8-12% into the early autumn. Of course, that won't satisfy most bears.... not least since it won't break below the Oct'2014 lows.

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Looking ahead

Tuesday will see productivity/costs and wholesale trade.
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Goodnight from London