I took the liberty of making some notes on the weekly chart. Click for full-size.
Our in-house analysts could not reach a consensus on which direction it takes in the near-term.
But “the committee” agreed things take a lot of time to play out when you are looking at a 7-year weekly chart – and the rising trendline is key.
They expressed their concern over the series of lower-highs and lower-lows but also reiterated the company motto “at the end of the day we are cautiously optimistic”.
Other members of “the committee” issued a statement that “henceforth we shall remain quietly skeptical” of the big breakout to new all-time highs the media has assured us is forthcoming.
One member demands to see a break-out to new highs before she believes anything these guys on TV say. Even then she will be skeptical “it’s a trap”.
The final member suggested we remind ourselves “everyone loses one of their 9-lives below SPX 1800, which was was main the point of the chart.
My top intern remains a perma-cat with a purely objective bias, so I shall rely on her instinct combined with what I see transpire on the chart to make decisions henceforth, as they say.