US equities are set to close marginally higher, having already broken a new cycle high of sp'2056, which is a monstrous 246pts (13.6%) above the Feb'11th low of 1810. Current price action continues to offer further upside, not least if Oil can see another surge (if unsustainable) to the $43/44s.
sp'daily5
Nasdaq comp', daily
Summary
*Nasdaq looks on track to at least test the 4900 threshold. I realise will then tout 5K.. and new historic highs, but considering 'everything'.. the latter looks extremely difficult.
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Oil continues to be a primary driver for the equity market, and it should be clear that last week's break above the $40 threshold, offers further upside to the 43/44s.. which IS viable tomorrow.
Of course, the underlying issue of over-supply remains entirely unresolved, and I remain of the view that $26.05 was not a key multi-year low.
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As for equities, daily upper bollinger is now in the 2070s, so.. the window is open to further upside.
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Here in London city...
To the east.. an almost full moon, with a Lunar eclipse tomorrow.
Summer is coming, and it won't be dull.
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back at the close