Closing Brief

A somewhat weak end to the day, but certainly a strong week overall for the bull maniacs. I'm sure glad its over.

The closing hourly index charts...


IWM

SP

Transports

Summary

Suffice to say, we're probably due a down cycle, but just like two weeks ago, it might be barely 20/30pts to the downside.

More later in the evening, and across the weekend.

Regardless...have a good weekend!

3pm update - another week soon to close

Well, it was the week of a 1.2 trillion QE package, a week where the Germans said Yes, and we've just one trading hour left to endure.

Thank the gods. I'm really tired !


sp'60min

Summary

First support is a very obvious 1450. I still think 1420 is the next viable target low for the daily cycle, but that could easily take 5-7 trading days to achieve.

For the moment, the bulls can justifiably laugh. The Bernanke has delivered, and despite it probably being a 'panic move', it will certainly help to prop prices up in the months to come, or should that be 'years'?

Urghh.

More after the close

2pm update - sp'1450 is first support

We have a clear accelerated up trend, as apparent on both the daily and hourly index charts. Yes, a pullback is likely, but even a multi-day minor drop to 1420 looks the very best bear case right now.

With the Fed buying 40bn MBS, and then 45bn of treasury bonds per month (the latter starting from January), its going to be near impossible for the bears to sustain any down trend. Baring a black swan of course.


sp'60min

sp'daily5

Summary

First target is sp'1450 some time this Monday, but as you can see, even that doesn't wreck the current accelerated up trend that we are currently in. It is entirely possible the smaller 15/60min cycles will be fully rest by the end of Monday, and Tuesday will see a renewed push higher.

It all remains rather sickening to view this madness.