sp'weekly7
WTIC, weekly'2
Summary
*Seen on the weekly cycle, we can clearly see a provisional sign of weakness for WTIC Oil, via a blue candle. A retrace to the 10MA of $55 looks due.
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So... another day for the equity bulls looks due. There is little reason why we won't just keep grinding higher.
First target remains the upper boll' on the weekly cycle... currently in the 2150s, but that will be in the 2160s by end month.
Further.. by the next FOMC of June 17th, the 2170/80s will be viable. That might make for a mid term top. However.... as I will keep highlighting, if the Nasdaq can break >5132... it will bode for the 5200s, and if we see a monthly close in the 5200s, it will likely not stop there.
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notable early movers...
FCX -1.7%.. as copper prices slide
RIG/SDRL, both lower by around -2.5%.. as Oil falls.
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Have a good Tuesday
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8.43am.. Housing starts data came in rather good.. 1.135 million... first bit of reasonable econ-data in what seems like months.
*lightning bolts are starting to rain down around me in London city... on what feels like a autumnal morning... urghh... its even somewhat cold, 9c... aka.. 50s