12pm update - bulls holding the 1680s

It remains a very quiet end to the week in market land. The weekly close looks set to be a very bullish one, and should help to clarify the mid-term picture. If the market can cope with QE taper next week, then the market looks set to climb into October..if not next spring..urghhhhhhh.


sp'weekly8b

Summary

As noted yesterday, bulls just need to keep above the weekly 10MA..currently 1675.  Considering how quiet things are today, that looks pretty easy to achieve.

I sure wish I could be bearish for the autumn, but it would seem the bears had their chance..and once again failed.

As for the wave count on weekly8b, well, count it however you like, but what is clear, the broader trend sure isn't down!
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Metals remain weak...Gold -$7

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VIX update from Mr R.



time for lunch

11am update - no sell side volume

The main indexes are effectively flat, with the sp' holding the mid 1680s. The metals are a little lower, certainly..no major bounce to recover any of the Thursday big drop. VIX is flat, with the usual 'melt lower into the weekend' looking likely this afternoon.


sp'daily5

Summary

A dull end to the week. Frankly, there is nothing due now until next Wednesday.

Market should hold the 1680s into the Friday close, and if that is the case, then the weekly index charts will remain outright bullish, with likely upside for at least a few weeks.

sp'weekly8

yours
  trying to stay awake

10am update - quiet open

The main indexes are moderately higher, but the market is looking tired after strong gains earlier in the week. What is clear, bears remain largely powerless, ahead of next Wednesday's FOMC. VIX is largely flat, but looks set to melt lower into the weekend.


sp'daily5

vix'daily3

Summary

With QE of 3-4bn..market should hold together. The only unknown is whether the bulls can manage to break and close in the sp'1690s. If that is the case, the low 1700s look a given early next week.
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I see a fair few suggesting a near term pull back to the 1660/50s, but that would wreck the weekly charts.

It looks like the past few two days are simply consolidation before another up wave.
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yours...
   not a 'Journalist'.. according to the US Senate. see Breitbart