Net weekly gains are due

Despite continued strong swings this week, US equity indexes look set for upside into the weekly close, and that should make for significant net weekly gains of 2% or so... somewhere in the sp'1960/70 zone. Broader price structure remains a clear bear flag though, and the bull maniacs face a real problem after the Fed is out of the way


sp'weekly1b

Summary

Little to add... after what has felt like a real battle this week.

Best guess remains... upside into the FOMC... 2010s.. at least... maybe 2050/70 zone.. and then things get interesting.
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Update from Walker



As ever, make of that.. what you will.
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Looking ahead

Friday will see Producer prices, consumer sentiment, and the US Treasury Budget.
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Another day of swings

It was yet another day where we saw some strong swings, not least in the closing hour. This market is set for continued volatility for some weeks, at least into early November. As ever, I'd prefer to close out for the weekend, and I'll likely drop DIS and/or USO, if they are at least moderately profitable.

Goodnight from London