US equities ended the week on a significantly positive note, sp +32pts @ 2022. The two leaders - Trans/R2K, settled higher by 2.3% and 2.2% respectively. Near term outlook offers further upside to the 2038/43 gap zone, before a key top is put in. After the FOMC of March 16th, equities should begin cooling.
sp'60min
Summary
*closing action hour: a fair amount of micro chop, but breaking a new multi-week cycle high of sp'2022.
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A fourth consecutive week for the equity bull maniacs, and almost everyone is back to 'hey.. its ALL fine now' mode.
Naturally, even yours truly is swayed a little by such bullish hysteria, but the bigger monthly charts are what matter. Unless we see a monthly close >2020 or so... there is zero reason to drop the bigger bearish outlook.
The real issue is how far we might drop in the next multi-week down wave. I realise some are looking for just the 1700s, but I sure hope things get more dynamic than that. Preferably, at least the 1650/1550 zone by early summer.
In any case.. the FOMC is just 2.6 trading days away :) Once this is out of the way, the equity bears have an open window into end month.
Have a good weekend
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*the usual bits and piece across the evening to wrap up the week
