A little choppy

With the Yellen set to appear at Jackson hole this Friday, price action is increasingly choppy. The bigger monthly MACD (blue bar histogram) cycle has ticked fractionally negative. Underlying trend remains upward though, as the sp'2200s remain due.

sp'monthly

Back to 100% percent bullish

US equities continue to push upward from their Jan/Feb' 2016 lows, with new historic highs in the sp, dow, and nasdaq comp'. The market looks set to broadly hold together across the somewhat tricky time of Sept/Oct, and keep climbing all the way into spring 2017.

sp'monthly9

Summary

The Friday close of Aug'12th was the first daily close with the MACD (blue bar histogram) cycle above the zero threshold since Feb' 2015. This is a pretty bullish event, and has resulted in MARCON 7.

Price action could see sp'2170/60s at any point, and this would result in a down grade back to MARCON 6. Broadly, it does look like we'll soon be trading consistantly in the sp'2200s... so MARCON 7 looks probable for much of the rest of the year, and into 2017.

On a purely technical basis, the equity bulls are back in full control... as reflected with recent historic highs.

The move to the upside

After a year of broad price chop - spanning from sp'2134 to 1810, the market has picked a direction, and its to the upside. Further gains to the sp'2200s look due in Aug/September, which should equate to Dow 18800/900s.

sp'monthly

Dow'monthly

Summary

Note the MACD (blue bar histogram) cycle for the Dow, set to turn positive as early as the latter half of July, or more viable, at the August 1st open.

Similarly, the sp'500 is set for a bullish MACD cross in early August.

... and that will take us back to MARCON 7.