The weekly Russell chart.
Well today after some fine wine, and food with fellow traders I came back to do some analysis on the market.
There are lots of interesting charts around the place at the moment, but I would like to draw your attention to the russell chart. WHY?
IMPORTANT THINGS TO NOTE! :-
1) The RUSSELL Has Been Leading This Market For Months Now.
2) There Has Been Strong Determination By The Bulls, And They Are Backing Up Themselves.
3) For 2 Years We Have Been Inside A Larger Upwards Channel, As You Can See.
We have seen strong emotional conviction from the bulls this year, and YES, we are still in a bull market. This chart is looking particularly strong technically and we did bounce hard off the 900 level. The longer we stay in this channel, the fair more likely it will be that we slowly grind high. Of course nothing goes up in a straight line, but the bears are sure getting smoked these last few weeks in the Russell.
My guess is that the Russell will continue to be the leader for the next few months, but we will need to monitor things as they develop.
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