10am update - wash out the weak bulls

The market has tried to rally into the sp'1750s again..and failed. Before making new highs, it would seem Mr Market wants to wash out the weaker bull hands, with a brief break <1740, perhaps filling the gap in the low 1730s. Such a decline still won't do anything to the broader up trend.


sp'60min

sp'daily5

Summary

There is good multiple support in the 1735/30 zone, and that's assuming the bears can manage even that.

As I've said a few times lately, I'm really starting to believe the market won't see sub 1700s for the remainder of the year.

Yes, the daily MACD index cycles are rolling over, but underlying pressure is so strong to the upside, I don't think the bears can do it.

Anyone think there is a hope in hell of taking out the Aug' low of 1627?
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*watching clown TV, the Cramer has reminded me of a stock I've not look at in over a few years.

AEM, one of the gold miners, having a major jump today...

Still, its a long way down from the high $50s last year. Last weeks doji turn candle has been arguably confirmed with a huge weekly surge..so far 18% this week.

If metals can rally (even if for just 3-5 weeks) AEM should at least break into the 35/40 zone.
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