Thursday 18 July 2013

Closing Brief

All of the main indexes closed with moderate gains, with the Dow, Sp'500, and R2K having broken new historic highs earlier in the day. Underlying pressure is strongly to the upside, and it remains a fearless market with VIX in the lowly 13s.


sp'60min


Summary

So...historic new highs for the two big headline indexes (Dow, SP), and the bulls remain in total control.

As have been the case since the 1560 low of June'24, the intra-day down cycles are very small, and the market is being bought on every micro-fall.

Best guess...we max out within the next few weeks..somewhere in the mid 1700s.

What will be important to look for, will be a break of the very obvious channel.
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more later..on the VIX