sp'monthly3d - waiting for a red candle
sp'60min4 - the retracement..that might never come?
Summary
Starting with the 60min chart, with another day higher..the retracement target has to be moved up another bit further. Even the low sp'1440s now look 'difficult'.
If we just keep on melting higher into early February - and then get stuck around 1520, any index retracement would probably be no lower than the old resistance/high of 1474. In many ways, that would make for a more natural move.
Where is the red candle?
The monthly chart listed above clearly shows the embarrassing lack of declines since the Oct'2011 low. Soon it will be a year and a half since the last bearish candle on the rainbow chart, and with the current green candle, it seems there is no real hope of a red candle until April/May.
Dull days ahead
There is very little going on for the rest of this week, so..it does seem likely the current melt upward will just keep going.
The only slightly bearish aspect is the daily VIX chart, which - at the current trend, will go positive MACD cycle by this Friday/next Monday. A brief spike into the low 16s still seems viable, but..hey, I've been saying that for almost two full weeks.
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There is a truck load of key econ-data next week, so..those looking for some kind of retracement - or 'dip buying opportunity', should probably sit back until the middle of next week.
A tiresome day I think..for many.
Goodnight from London