It was a positive Thursday, the SPX printing a new multi-month high of 4439, and settling +1.2% to 4425. Meanwhile, WTIC settled +$2.35 (3.4%) to $70.62.
sp’weekly1b
WTIC daily
Summary
SPX: as things are, we’re net higher for the week by +126pts (2.9%) at 4425. I’d note the upper bollinger (4376), which we’re well above, although that will jump/adjust to around 4400 as of next Tuesday. Weekly momentum is increasingly positive, with zero sign of a ceiling/turn.
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*bonus chart* sp’daily1
As ever… where chartists draw their lines will vary, but I know I’m not the only one with the above. Today’s candle is even a little spiky on the upper side from what is the upper side of m/t rising trend from last October.
*to be clear, I see no reason to initiate a short position ahead of the long weekend. I’ll consider it next Tuesday.
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WTIC: oil climbed for the second day of two, helped by the positive equity market, and the weaker dollar. Broadly… its a chop-fest since last December.
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Looking ahead
Friday will see Consumer sentiment.
Earnings: none.
Event: As Monday June 19th is CLOSED, I would expect the prior Friday to be pretty subdued on light vol’. The latter will be countered though… as its a quadruple option expiration. The market makers will be inclined for a pin around 4400 or 4450.
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Final note
Armstrong’s ECM has always been a curious thing, with the latest s/t wave floor marking Trump’s arrest.
In particular, I’d note the Russia/Ukraine chart…
My concern is that things escalate into 2024. The ultimate issue is whether it will turn nuclear.
There are many within NATO, the EU bureaucracy, and the US regime, who appear to want all out war with Russia. These same blood thirsty psychopaths believe that Russia will allow itself to be over-run by western forces, and not use nuclear weapons.
They’re wrong, very… very wrong.
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Goodnight from London