Tuesday 19 August 2014

11am update - tedious melt mode Tuesday

The market is in classic melt mode, clawing higher...if extremely slowly. The sp'500 is a mere 0.7% from breaking a new historic high, and considering the Nasdaq (leading the way)... looks set to follow.


sp'daily5


Summary

*notable weakness, metals and Oil, both moderately lower
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Already, its become a pretty tedious day.

Next opportunity for a down wave... the FOMC minutes, but those aren't due until 2pm tomorrow.. and we could be in the 1980/85 zone by then.
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By late Friday, the rising channel will have a floor of 1980..so the bulls have to keep pushing... not that the broader trend is in any trouble.

Anyone still think sub 1904 is viable in the near term?