It was just another day for the equity bulls, with a new set of historic index highs. The sp'500 has followed the Dow and the Transports, with the R2K/Nasdaq remaining significantly far behind. The bulls look set to control the market possibly as far ahead as mid June.
sp'weekly8b
Summary
There really isn't much to note.
As for the count on the above chart, it remains a 'best guess'. Market could easily get stuck in the 1920s, but with a fair few chartists out there noting it, the 1940/60 zone does look viable in June.
Looking ahead
There isn't much of significance due tomorrow, just PPI, housing data, and the latest EIA Oil report.
*next sig' QE-pomo is not until next Monday.
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Trying my best
Having dropped a quartet of longs yesterday morning, I was indeed somewhat itchy to at least have something..and I picked up an index long position this lunch time. To be clear though, I am only interested in trading 'light' on the long side for the next few weeks.
With the broader weekly index cycles all bullish, I can only consider going long the indexes, even though of course, the current levels are historic highs.
A big turn is coming..and the next prime opportunity is arguably the FOMC of June'18, but that is a full five trading weeks away. For those currently short..that is indeed a pretty fair way away.
Goodnight from London
