It was a net bullish day for a net bullish week, the SPX printing a new hist’ high of 5822, settling +34pts (0.6%) to 5815, which made for a net weekly gain of +63pts (1.1%).
sp’weekly1b
Summary
SPX: a fifth consecutive net weekly gain. Weekly momentum continued to tick upward, and is marginally positive. Weekly RSI 67s… not yet overbought.
Structure is an ascending wedge (as a fair number of others are aware), and we’re clearly on the upper side. At most… two more weeks until price is squeezed out… one way or another.
If structure plays out to the downside… first big target would be the lower weekly bollinger, currently 5234, although that will soon be in the 5300s, where the key monthly 10MA and the daily 200MA will also soon be lurking.
The most bullish s/t outlook would be continued upside into, and (at least) shortly beyond the election, to around sp’6K. In the scheme of things… we’re only talking about another 3-4% higher, but for anyone trying to short this market… that would be… a problem.
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Dear Subscriber (or guest)
Some perspective…
The SPX is currently net higher for the 11th month of 12, +52pts (0.9%) at 5815. Monthly momentum is ticking lower, but remains on the very high side, as all cooling waves are being restrained.
Bears have nothing to tout unless a monthly settlement under the monthly 10MA… currently 5371, and that will climb in the 5400s as of Nov’1st.
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NATO/Russia
This weekend there will be a meeting of NATO in Rammstein, Germany. Its possible nothing will be agreed, other than a press release reiterating further support of Ukraine.
However, there is background concern that some of the EU states will push to give permission for Ukraine to use long range missiles against Russia.
Russia has made it perfectly clear what will happen if such missiles are used. They’d respond with hits of multiple military bases (some American) across Europe… with prime targets of Poland, Germany, and the UK.
I will hope it doesn’t come to that, but there are many war thirsty maniacs within the European political class, and its difficult not to see this escalating.
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Miscell’ things
Special note (especially to you guests!)
I endeavour to highlight what matters. I don’t expect you to agree with all of it, I’d almost be concerned if you did! What I do expect is that you question everything, whether its from CNN, FOX, Zerohedge.com or yours truly. If you can do that, you’ll be ahead of the curve.
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Dr Campbell on ‘DNA fragments in the mRNA shots’. A few in Australia are pushing to ban all mRNA shots, but its kinda late for that.
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*I’ve not watched this… but it might interest some of you.
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The latest from the Schiff… who can talk for hours, much like yours truly.
Unlike Ms. Harris… neither of us need a teleprompter!
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If you like your market history, and cyclical-analogies, this will interest you. I’d merely add… every cycle is unique, but they do rhyme.
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Lin with guest Rein. As I’ve said a number of times in recent months, the China growth story is over. The grandest problem is that the country faces a demographic collapse of 500/600M.
Nov’2007… 5978, some 17 years later… 3217. The CCP and the PBOC keep on trying, but the stim’ packages can’t solve the many underlying problems, not least the very cancer of communism.
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Carlson with guest Ms. Dhillon… on Ms. Harris. I’m doubtful that I’ll choose to allocate any time to this, but I’d imagine it will be interesting to a few of you.
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The Celente continues to warn of a false flag BEFORE the election. Would you really be surprised if they did?
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The weekend
Two days to rest and recover… won’t be enough. I’ve sideline entertainment via Bering Sea Gold and Mine Rescue. I should finish the last 3 episodes of Westworld, and then move onto Breaking Bad, which has been on my ‘to-watch’ list for over a decade.
*Ohh, and sorry about the server issues… just after the market closed. The ‘technical’ side of this job are the most stressful. In most cases… there is little I can do, other than wait.
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As ever, feel free to message me via X, Disqus or email.
Sincerely, have a restful weekend, and goodnight from London
yours… Philip
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The weekend post will appear Sat’ 12pm EDT @ https://tradingsunset.blogspot.com, and will detail six of the US equity indexes (monthly candle charts)
X: I will likely take Saturday light, but aim to cover earnings Sunday evening. If there is something you’d like me to highlight, let me know!