It was a net bullish end to a net bullish week, the SPX recovering from 5603 to settle +4pts (0.1%) to 5667, which made for a net weekly gain of +28pts (0.5%).
sp’weekly2
Summary
SPX: Friday started broadly lower, but the latter day recovery made for a moderate net weekly gain. Weekly momentum is on the cyclically VERY low end, and could tick upward for some weeks.
I’m wondering even if we print the 5820s before end month, maybe we’ll see the 5900s in early April, before a proper rollover?
RE: Fib’ retraces. Note the weekly 38% fib’ of 5132, as looks probable by mid year. I’d note the 50% at 4819, just 1pt above the Jan’2022 high. The 4800s would make for a ‘compromise’ washout… ideally in October.
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Dear Subscriber
Some perspective…
With six trading days left of March, the SPX is currently -286pts (4.8%) at 5667, having bounced from 5504. Monthly momentum continues to weaken, and is due to turn negative as of April 1st.
I’d note the key monthly 10MA at 5767. To be decisive, equity bears need a March settlement <5750, which is clearly viable.
Key supports… 5100/4900 zone, and then the Jan’2022 4800s.
Typically… the market would be inclined to floor in October.
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Miscell’ things
*I will often add videos overnight Fri/early Saturday, so maybe check here Saturday afternoon.
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Armstrong is always worth your time.
Get a coffee or something first.
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‘We have a very serious Panic Cycle for Europe next year, and they are pushing to cancel the currency’s move to digital ASAP. All they look at is capital controls, which will prevent bank runs and stop capital fleeing.’
The UK and mainland Europe are set to worsen… not just into 2026, but the 2030s. You Americans… consider yourselves born lucky.
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The Ukraine will never be the same again.
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The weekly wrap on geo-politics.
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The Celente… calling it… for what it is. I’m sure some of what he says will annoy some of you… but that doesn’t mean he is wrong.
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HIGHLY recommended.
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The weekend
Two days to rest and recover… will not be enough, as it never is. I am an utterly burnt out carcass. I wake up in pain (RSI – from typing, is a real bitch), and even though I’ve cut back lately, I still don’t have the energy for other priorities.
There is no realistic hope, as I expect to lose my home by late summer, and that will be that.
At least i got around to watching the masterpiece that is Breaking Bad, and sister show ‘Better Call Saul’.
The second and final season of Andor is due in April. That is arguably the best piece of ‘Star Wars’… other then Empire. There is nothing else from the woke mouse that merits anyone’s attention… not least Snow Woke.
Other than that… I’m counting the days.
yours… P
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The weekend post will appear Sat’ 12pm EST @ https://tradingsunset.blogspot.com, and will detail six of the US equity indexes (weekly candle charts)