3pm update - minor chop into the close

US equities look set to close higher for the 8th day of 10. With a notable strong rebound in the R2K today, it bodes strongly for the equity bulls tomorrow. Sp'2000s look set to be hit, with 2010/20s by late August.


sp'daily5

Summary

Little to add...
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*Dow is now higher by 400pts this week... the strongest weekly gain since early April.
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3.13pm... Clown finance TV wheeling on a doomer.. McClelan this hour.

Meanwhile.. sp'1994...and a gap straight into the 2000s tomorrow is viable.

I do not expect a reversal until next week.. and even then, we might only be looking at 1.5%...and that will be from a higher level than currently.

VIX is in melt mode....the 10s are due tomorrow.
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3.18pm.. For you die hard readers out there who do like to check in with me, intra-hour...

Here is a bonus special chart...

Dow, monthly2', rainbow

First green candle since last December... bodes for further upside in September.
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3.25pm.. Notable strength, DRYS, +3.8%... but more on that one after the close.. on my other page.

*not the best of days for the gold bugs...with miner ETF of GDX -2.3%

2pm update - another hour closer to the hole

US equities are holding moderate gains, with a strong reversal in the R2K, from -1.0% to +0.3%. Metals remain weak, Gold -$17. Oil is holding significant gains +1.0%


sp'weekly8b

Summary

Little to add, on what is just another day in crazy land.

Sleepy August... low volume..and we all know that favours the bulls, right?

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As for Yellen at Jackson Hole tomorrow morning (the nonsense starts at 10am)... we'll surely break into the 2000s.. and melt higher into the weekend.

As ever...I've my eyes more on the weekly charts than anything.

Best case... .2030/50...then down to 1920/00 by late October.

1pm update - spike floor on the R2K

Whilst the broader market is holding moderate gains, there is a notable rebound in the R2K, which makes for a rather powerful spike floor just above the 200 day MA. Upside to 1190/1200 looks viable by mid September.


R2K, daily

Summary

Little to add.

The current daily candle in the R2K is a powerfully bullish one, and bodes strongly in favour of the bulls tomorrow.

A weekly close in the sp'2000s now looks very probable.
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