It was a very green Thursday in equity land, the SPX printing a new hist’ high of 5733, if cooling back to settle +95pts (1.7%) to 5713.
sp’weekly1b
Summary
SPX: another day… another new historic high… printing 5733. I’d note the upper bollinger is 5739, which is a key aspect of resistance. Weekly momentum is ticking upward, and prone to turning positive next week.
Bears need to get back under the weekly 10MA (5524), as is realistic before end month. Regardless of how tomorrow and the month settles, with a new hist’ high, it has to be seen as a net bullish week and month.
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Looking ahead
Friday has no earnings or econ-data on the schedule.
Event: It will be QUAD-OPEX, so expect considerable chop. The s/t cyclical setup favours the bears. The market makers will be inclined to pin the market around the nearest psy’ threshold. 5700 looks easy, I just wonder if they’ll manage 5650.
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Final note
*I’ve not watched this yet, but it should interest some of you.
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Yesterday’s rate cut is to be seen as a panic signal.
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The Celente and the Judge
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Yes, the magnetic field is weakening (at an accelerating rate)… as is normal. A reversal is due. The concern should be the power grid.
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One of the best geo-political commentators out there.
HIGHLY recommended.
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A superb summary of the latest geo-political events on planet Krazy.
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Goodnight from London