Eyes on the Prize... still

US equities continue to battle higher from the double floor of sp'1867, with the sp' settling +25pts @ 1978. Near term outlook offers further upside to around 2040/50. From there, things could get real interesting, with downside at least to the 1900 threshold.. if not the 1850/20 zone by mid October.


sp'weekly8b

Trans, weekly

Summary

*note the green candle on the Trans, which does negate the notion of a triangle on other indexes...
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A second blue candle on the sp'500 weekly 'rainbow' chart, further upside looks due.. at least to 2000/2010, but considering the smaller daily chart... upside to 2040/50 looks probable.

Best guess remains... 2040.. then the mid/low 1800s by mid Oct'.. which should equate to VIX 40/45.

*if VIX breaks the Aug 24'th high of 53.29 at ANY point, it would likely bode for a crashy washout in the 1750/25 zone.

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Looking ahead

Wed' will see CPI, housing market index, and the latest EIA oil report.
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Goodnight from London