Pre-Market Brief

Good morning. Futures are a touch lower, sp -2pts, we're set to open at 1845. Precious metals are weak, Gold -$3, although still in a broadly bullish up trend in the near term. With another sig' QE-pomo today, equity bears face the usual problem.


sp'60min

Summary

*awaiting housing data at 9am, and another pair of data points at 10am
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So...another day, and it looks like we'll open with some minor mixed chop. Considering the QE, I'd guess we do achieve a daily close >sp'1850 today.

There is simply no downside pressure right now...and weekly charts are most certainly offering much higher levels in March.

early mover: TSLA, +7% @ $233 (I've no idea why..yet)

HD +2.6%, on better than expected earnings.

UGAZ..starting to slide again..-4.5%
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Video update from Mr C.



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stay tuned

8.56am  Futures turning positive, ahead of the housing data.


9.37am.. mixed open chop....hourly MACD cycle arguably flooring no later than 11am.

With QE today, bears getting opportunity to exit (although who exactly was shorting at 1858 anyway?).
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9.45am.. seen this type of price action a thousand times..and it rarely works out for the bears. 

Momo stocks all looking crazy strong..not least the TSLA.

Another day for the bulls

The sp'500 has followed the Nasdaq with a decisive break above the January 1850 high. The equity bull maniacs remain in full control, but as we move into the spring, the market becomes increasing susceptible to putting in a key multi-month high.


sp'weekly8

sp'daily3b

Summary

Suffice to say, I'm holding to the broader weekly'8 outlook. Best guess remains, just another 3 weeks or so to go.

We have the third green candle on the weekly 'rainbow' (Elder Impulse) index chart. Also key to note, the lower weekly bollinger, with a new week underway, has jumped into the 1740s.

I think it is very important to keep in mind that by end March, the lower weekly bol' will likely be around 1800. It will be real difficult to break much below there in early April.


Looking ahead

We have some housing data, consumer confidence, and the Richmond Fed manu' index.

*there is sig' QE of $2-3bn...bears beware!
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The wave continues

Just reflect on this... 1737 to 1858, a climb of 121pts (6.9%), across 13 trading days. I watched one video this morning, an infamous 'doomer' was calling this a B wave bounce. He was citing just the Dow index of course, not the Nasdaq, which continues to lead the way. Additionally, there was no mention of the two leaders, which both look set to break new historic highs.

i realise many are still calling this just another 'bounce', but really, today's break above 1850 was yet another decisive break into new territory for the bulls. Yes, the late afternoon was a little weak, but we still closed up 0.5% across most indexes. Not exactly a down day, was it?

We have two more sig' QE-pomo this week, and so long as the Yellen doesn't say anything 'stupid' this Thursday - when she faces the US senate, the bulls have little to worry about into months end.

Goodnight from London

Daily Index Cycle update

The US indexes closed with moderate gains, sp +11pts @ 1847. The two leaders - Trans/R2K, settled higher by 0.4% and 0.9% respectively. Near term outlook is bullish, and with continued significant QE-pomo, the equity bears face the usual problems.


sp'daily5

R2K

Trans

Summary

So, we have the sp'500 now following the Nasdaq in breaking new post 2009 highs, to a new intraday high of 1858. The Trans/R2K...and the Dow all look set to follow in the days ahead.

I suppose you could call today's daily closing candles somewhat bearish, but hey, we did break new historic highs, and despite some weakness in the closing hour, we still closed with net daily gains.

With the VIX in the low teens, this market remains a fearless one.
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Closing update from Riley



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a little more later...