Still climbing

A fifth consecutive net monthly gain, having broken a new hist’ high of 6699. Monthly momentum ticked upward, and is on the moderately high side. A monthly settlement above the monthly 10MA (6066), as the m/t trend is distinctly bullish.

Monthly RSI 73s is overbought, but we’ve ZERO sign of a short, never mind m/t ceiling/turn. We could cool to the 6100s in Oct/Nov’, and that still wouldn’t dent the m/t trend.
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A bullish August

 

A fourth consecutive net monthly gain, having printed a new hist’ high of 6508. RSI 71s is overbought. A fourth monthly settlement above the key 10MA (6000), as the m/t trend is bullish. Monthly momentum is increasingly positive.

A correction is increasingly due…

I’m open to a marginal higher high in early/mid September, but anything >6550 looks a stretch. We’re clearly due a multi-week cooling wave. In theory… spanning 5-7 weeks… to the 5800s.

From mid/late Oct’, the seasonal setup will favour the bulls into early January… to perhaps the 6600/700s.

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