Author: Philip Calrissian

 

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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A third consecutive net monthly gain, having printed a new hist’ high of 6427. Monthly momentum ticked upward. Another settlement above the key 10MA (5925), as the m/t trend has to be seen as bullish. Whilst the July candle is spiky from around the upper bollinger, I’d be open to another 1-3% of upside ahead of Labor day.

Basic target in a correction will be the 5800s, as look realistic within October.
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