Monday 18 August 2014

2pm update - four green candles

US indexes look strong, and are holding all of the morning gains, with sp'1970, and VIX -5% in the 12.40s. Metals remain weak, Gold -$7, whilst Oil is lower by a rather significant -1.4%.


sp'daily2


Summary

Strip away all the chart counts, support/resistance etc, ... the clear turn (aug'8) was with a rather clear blue candle.

We've now 4 consecutive green candles on the daily chart.

Market is outright bullish... with ZERO sign of this levelling out any time soon...2000s are viable in the immediate term.. but will more likely be hit on the a secondary attempt in late August/early Sept.
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Notable strength: airlines, UAL +3.2%

*I remain content on the sidelines... at least I'm not short.