sp'weekly1b
sp'monthly3c
Summary
*second consecutive green candle on the monthly 'rainbow' chart, something we've not seen since Dec 2013. Again, its a reminder of just how extreme the Oct' gain was.. and how it arguably negates ALL of the broader bearish outlooks.
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Suffice to add, we currently have the sixth consecutive net weekly gain... but by the end of this week, I have to believe we'll be at least moderately red.. somewhere close, or even below the 200dma (2062).
Despite today's positive start to the week, a retrace to the 50dma (2020/10s.. before Nov' opex)... still looks due.
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Looking ahead
Tuesday will see Factory orders data.... but Mr Market will no doubt be more focused on the monthly jobs data due this Friday.
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Goodnight from London