The weekly close

Price action has been pretty subdued this week, but is clearly leaning on the moderately bearish side. A weekly close in the sp'2020s would offer some initial clarity/confidence that 2111 is a key mid term high. After another few weeks of chop.. the first big move lower should begin.


sp'weekly1b

Trans, weekly

Summary

sp'weekly: having already broken the 10MA around 2050, next key support is argubly the giant psy' level of 2K.. where the 20wma is lurking.

Trans: the 'old leader'... a clear break of trend.. next big support is 7600/400 zone. A break <7200 will likely be one of the last warnings the mainstream get before a fast break to new lows.


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Looking ahead

Friday will see the monthly jobs data - market is expecting net job gains of 200k, with a headline jobless rate of 4.9%.

Consumer credit data is also due (3pm).
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Goodnight from London