Closing Brief

US indexes closed the week with the third consecutive daily gain, sp +8pts @ 1949. The two leaders - Trans/R2K, settled +0.9% and +1.0% respectively. Near term outlook offers minor chance of a retrace, with the bigger weekly/monthly charts powerfully bullish.

The Longest Day, 6/6/44

Summary

... and another week at the worlds most twisted and pumped up casino comes to a close.

Effectively, the bulls continue the ramp from the April'11 low of sp'1814...now over 130pts lower. For those still seeking a major multi-month down wave - which still includes me, this remains a difficult... and exasperating wait.

..but hey..at least I'm not short. I will be there...when the turn eventually occurs.

Have a good weekend everyone.
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*the weekend update will be on the US monthly indexes

3pm update - melting into the weekend

US equities look set for some micro upward melt into the weekend. The sp'500 is on track for a net weekly gain of around 1.25%, which is respectable on any basis, - not least, considering the gains already built across May. VIX looks set for a weekly close in the 10s.


sp'weekly8

Summary

8 consecutive weekly green candles, and unquestionably..the equity bulls remain in full control.

Perhaps we'll see a turn at the next FOMC (June'18), but even then, bears need a catalyst to kick the market below the primary monthly 10MA support (sp'1830s).

Right now, the only real hope for the bears is a flat/negative GDP Q2 data point, but that won't be until late July.
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yours.... at least not short.

2pm update - R2K headed for the 1200s

US equities are very comfortably holding the gains, with the smaller 5/15min cycles offering upside into the close. The R2K is at the border of the R/S target zone, but considering the recent price action - notably in the Nasdaq, I expect the R2K to push back into the 1200s..and beyond.


R2K, daily

Summary

So...as things are.. I just can't see the R2K holding below the 1200 threshold..whether this month..or next, it doesn't really matter.
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Certainly, the daily cycles are getting close to overbought - with an RSI in the mid 60s.

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*the sun is shining strong over London city, on what is a rather good summers day, I'm glad to have no positions.....will reassess on Monday - esp' for WFM

Certainly, even zone'1 looks tough to hit on Monday