sp'weekly1c - bear flag scenario
sp'monthly1b
Summary
I shall highlight the monthly cycle again, to note that until the bulls attain a monthly close back above the monthly 10MA (currently @ 2037), they have nothing to be pleased about.
As it is, a second consecutive net monthly decline looks a given, and that will further clarify that a bearish spring/early summer is ahead.
re: weekly cycle - bear flag. If you consider that this week will close at least moderately net positive, with another net gain next week, but with equities likely to unravel again, no later than FOMC week.
Right now, a break under this mornings low of sp'1878 looks viable in the first half of February.
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Looking ahead
The week concludes with a truck load of data...
PPI, Retail sales, Empire state manu'
Indust' prod', consumer sent', bus' inventories
*a trio of Fed officials are set to appear, most notable.. Dudley
It is also important to note it is OPEX, so expect increasing chop into the weekly close. Further, because next Monday is CLOSED, there will likely be increased volume as some traders (long and short) wish to close out ahead of a 3 day weekend.
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Goodnight from London