sp'weekly2
Nasdaq, monthly'2
Summary
*Nasdaq comp' still looks set to take out the March 2000 high of 5132. A monthly close in the 5200s should clarify a straight up move to at least 6k.. perhaps even 7k by year end.
For those seeking an inter'4 drop this summer/autumn.. if we do see Nasdaq 5200s.. it strongly argues against any sig' down wave (on the order of 15/20%) this year.
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So, the week begins with a new green candle on the weekly 'rainbow' chart, with price action having been stuck within a narrow range since the high of sp'2119 of late February.
The sp'2120/30s look an easy target within the next few weeks. A bigger upside target would be the 2170/80s.. as suggested by the giant monthly cycle, although that will likely take until at least mid June.
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Update on the USD
Weekly
A net Monday gain of 0.4% @ 98.16. As noted at the weekend, we just need a move under 97 for a decisive break of rising trend... opening up 93/92 within a month or two.
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Looking ahead
There is of course a truck load of corp' earnings, but there is no sig' econ-data due.
*it is notable there are no fed officials on the loose this week (do they all go away on holiday to the same place together?), to debate monetary policy?
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Goodnight from London