Closing Brief

It was a particularly bullish day for the US equity market, with new historic highs for most indexes, sp +12pts @ 1973 (intra high 1978). The two leaders - Trans/R2K, settled higher by 0.7% and 1.1% respectively. Near term outlook is bullish into mid July.


sp'weekly8b

Summary

*I'll refrain from posting the smaller hourly cycle to close the day, seems little point. The bigger outlook is bullish, and I think many are still getting lost in the minor noise.
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I've adjusted weekly'8b, basically pushing out sub'4 and 5 into Aug/Sept. Regardless of however you want to count this nonsense though.. the primary trend is unquestionably bullish.

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time for kick off.... Belgium vs USA.

A full daily wrap at 8pm EST.

3pm update - a major day for the bulls

US indexes continue to hold significant gains, with just about all indexes having broken new historic highs. The bigger monthly charts are offering broad upside into Aug/early Sept - as especially suggested by the R2K.


sp'weekly8b

Summary

*lousy Swiss failed to stop the Argentines. urghhhh
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I noted one or two others kinda suggest it in recent days... but it looks like late July will offer a minor down wave of 2-3%.

Problem for those currently short, that 2-3% drop will probably be from somewhat higher levels. Whether that is sp'1990, 2000, 2010...difficult to say.

What is clear.. this is no market for a short trade.

Next problems for the bears...

Wed' Yellen at the IMF
Thur' half day...melt into the holiday weekend
Mon' sig' QE of $3bn

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coming up at 4pm .EST... Belgium vs USA... and that will be a fine way to end the day.

2pm update - extra time for the Swiss

US indexes hold very significant gains, with new historic highs for the Dow, SP, Trans, NYSE Comp', and the R2K. Only the Nasdaq Composite is missing out..still 10% below the spring 2000 high of the 5100s. VIX remains crushed, and equity bears have nothing to look forward to in the immediate term.


R2K, monthly2', rainbow

Summary

The big monthly chart for the second market leader tells the story. We have the first green candle since last December.

Underlying upside power is increasing again, and we have taken out the March highs.

Just consider that the R2K has climbed around 12%... in the last six trading weeks.

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back to the game.