S&P500 Index to push further, defying gravity
The week started out in perfect synchrony for a retracement, but barely two days later, it was erased, and the last day of the week saw a push for yet another historical high.
The weekly chart technicals are divergent, and the candlestick pattern suggest further gravity defying up thrusts, which may last through August.
The daily chart technicals were somewhat reset to baseline in the early part of the week, only to turn upwards by the end of the week, leaving a suggestion that momentum is likely to continue upwards. The spectacular Friday gap up and run marubozu formed certainly supports that indication. Pattern projections bring the immediate target to 4590 by mid-August. Further projections (non-technical) suggest a top about 4730 towards the end of September.
Defying technicals, momentum is taking over... caveat emptor!
The weekly chart technicals are divergent, and the candlestick pattern suggest further gravity defying up thrusts, which may last through August.
The daily chart technicals were somewhat reset to baseline in the early part of the week, only to turn upwards by the end of the week, leaving a suggestion that momentum is likely to continue upwards. The spectacular Friday gap up and run marubozu formed certainly supports that indication. Pattern projections bring the immediate target to 4590 by mid-August. Further projections (non-technical) suggest a top about 4730 towards the end of September.
Defying technicals, momentum is taking over... caveat emptor!
