Set for net weekly gains

After the brief scare early Wednesday to sp'1891, US equity indexes are set for rather significant net weekly gains. Regardless of exactly where the sp'500 settles the week, the giant psy' level of 2K looks a pretty straight forward target by mid March.


sp'weekly1b

Trans, weekly

Summary

*Transports are set for the sixth consecutive net weekly gain, having climbed from 6403 to the 7400s. A hit of the 200dma in the 7800s now looks probable.
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Little to add.

The weekly cycles are arguably merely burning off from chronically oversold conditions. The current up wave from sp'1810 should conclude in the week of March 14th.


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Looking ahead

Friday will see Q4 GDP (rev'1), pers' income/outlays, and consumer sentiment.

*there are three fed officials speaking in the morning, and Mr Market will be listening!
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Goodnight from London