3pm update - minor melt into the close

US indexes look set for net daily gains across, with the sp' likely to attain a daily close in the 1935/45 zone - impressive on any basis. Metals look set to hold gains, but remain under old broken support. VIX still appears liable to breaking into the 10s...soon.


sp'60min

Summary

Well, with new historic highs, I can understand the dismay that must be out there in equity bear land - although I realise, coming from someone self titled 'permabear', it must sound kinda odd.

Regardless, the trend into early tomorrow is clearly bullish, and market has a fair chance at the 1950s.
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As ever, I am more interested in the bigger picture, but more on that later...

2pm update - afternoon gains

So far today we've seen new historic highs in the Dow, SP, and the Trans. The R2K/Nasdaq are similarly pushing higher. Metals are holding borderline significant gains, Gold +$9. VIX looks set for another daily close in the 11s.


sp'60min

Summary

I really shouldn't be posting an hour chart - for fear of getting lost in the minor waves, but yes...we are seeing a something of a toppy peak right now..from sp'1941.

Regardless, if the jobs data comes in okay tomorrow, the 1950s will be viable at the open...but from there, remains a sig' chance of a 1.5-2% retrace.

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I have to wonder what the chartists' Futia and Caldaro are thinking right now..they are getting real close to their original upside targets.

*I remain content on the sidelines..which is usually the case these days..urghh.

1pm update - powerful gains for the R2K

Equity bears are getting ground into dust, with the sp' already in the 1940s, and the threat of VIX 10s before the weekend. The R2K is powering higher, +1.8% on the day. The big issue is, will the R2K get stuck in the 1170/80s, or keep pushing into the 1200s..and beyond?


R2K, weekly'2

Summary

So...not only did we break the 1930 level, ....but here we are.. 1940s.. a mere 3.2% away from the giant 2000 threshold.

Weekly charts - taken as a whole, offer another week or two higher..which will take us into the FOMC of June'18, when QE'taper 5 will surely be announced.

Actually, bears should hope taper is NOT done, since it would give the market a bit of a scare, at what would be an arguably spooked fed.
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So..R2K, H/S formation...

I'll keep it in mind, unless we break much above 1190/1200..after that..the scenario would get dropped.

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