The Final Ascent For Now
Submitted by Nic Lenoir of ICAP
Picking up where we left off last night, we have been consolidating before the next, and this time, at least in the near term, last push higher in US equities. A break above 1,106.75 should take us to 1,115/1,1120. Meanwhile we have established a short-term support at 1,101 which can be observed as a stop for fast money longs. 1,095.50 remains the support which if broken confirms we will retest 1,082 before 1,033/1,012. This last support zone is the make or break. If we go through then we are on our way 943 and 875. I remain bearish in the medium term as I am still not convinced that we can print our way out of the debt bubble burst and use hyperinflation instead of deflation to solve our problems.
Good luck trading,