Still set for net weekly gains

Despite a rather significant net daily decline of -31pts to sp'2041, the sp' is still net higher on the week by 29pts (1.5%). Even a brief gap fill to the 2025/21 zone early Friday will not do any real damage to the market. Considering rates have now been raised, the US equity market is holding together rather well.


sp'weekly1b

sp'monthly3c - bare bones

Summary

With the market losing the Wed' gains, the monthly 'rainbow' candle has flipped from green to blue. As things are, I'm still expecting the 2100s before year end (if not next week).

Unless the equity bears can manage a Dec' close under the monthly 10MA (2052)... the default trade remains to the long side.


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Looking ahead

Friday will see PMI service sector data.

More importantly... it will be QUAD-opex, with price action inclined to be a little more twitchy-wild. From what I see, a Friday close around 2050 would be the most natural level for the market to settle at.

*Fed official Lacker will be speaking on the economy in the 12pm hour.
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Goodnight from London