Whilst equities saw a moderate net weekly gain of 14pts (0.7%) at sp'2091, on the bigger scale, we have a rather clear rounded top.. having peaked at sp'2134 in May. A break under the key psychological threshold of sp'2000 looks due, from there.... things should get real interesting.
sp'monthly3c - bare bones
sp'weekly6 - bearish outlook
*a blue candle on the 'rainbow' weekly cycle. It is notable that on Monday it was green... but flipped to red Tue/Wed.
So... do we really have a big giant rounded top on the sp'500?
I remain looking for some significant weakness into September... and perhaps some of October, but broadly.. I am seeking renewed upside into next year.
Goodnight from London
*the weekend update will be on the US weekly indexes