Didn't have time to read the Zoomba Lounge over the weekend but...

Didn't have time to read the Zoomba Lounge over the weekend but if the general tone was still bearish, perhaps it was a good thing to stay away. Instead I spent time poring over my charts.

I had two worries on Friday - Shanghai and copper. I have decided that Shanghai could be in a little downsloping wedge on the weekly close and if that is the case it is potentially bullish. But I do want to see a topside break to confirm. Copper is still a bit up in the air. Could well be that we finished the fifth wave down last week but I am a bit concerned that the commercials are still very short but I do admit they can be out for a week or two. So want to see a bit more on copper.

But the SPX was great. Broke topside out of the little triangle that has limited trading over the past week with a nice little wosh. Will I get it up into my target area of 1250/1260? Could it even be exceeded? I'm just going to hang in there for a bit longer and if we see something that looks like a top, then will probably take a bit of money off the table. But I think the higher it goes, the better it is long term as the market can have a decent correction without causing any damage.

I read somewhere on the weekend that this is the biggest monthly white candle on the SPX ever. Haven't checked if it is right or not but it really doesn't have a lot of significance - just that the low came in the first trading days of the month and has gone up ever since. But still a great rise.