Another weekly gain looks due

With the sp' closing +29pts @ 2023, the broader market looks on track for a third consecutive net weekly gain. The sp' has climbed 152pts (7.6%) since the marginally higher low of 1871. Without question, the only important issue is whether the market can see sustained action above the 200dma.. and monthly 10MA.


sp'weekly1b

sp'monthly1b

Summary

A tiresome day.. and suffice to say... there is NOTHING bearish in the immediate term. Even Oil looks like it made a short term floor today, despite a rather huge net weekly inventory gain of 7.6 million barrels.
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Update from Mr C.


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Looking ahead

Friday will see indust' prod' and consumer sentiment.

It is OPEX.. so expect increasing chop into the weekly close.
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Don't forget about China

As of 10pm EST, the SSEC is +1.0% @ 3370.

Any sustained action >3400 would be highly suggestive the down wave from the 5100s has concluded. I think its to be taken VERY seriously.

Goodnight from London