thursdays child is full of grace

So where to from here...

This is how I see it...

On SPI chart - weekly reversal bar last week looks ominous although this week nobody has been rushing for the exits.

It will be interesting to see which side it breaks of this consolidation zone - everybody says we must be going higher, but everybody says we could probably do with a pullback, so which is it?

Toss a coin... but DOW currently struggling to stay in positive territory despite good inflation data yesterday, okay retail sales and okay building stats (notwithstanding permits) and the two consecutive down days on the SPI is not something we see very often during this bull market - another sign of things to come?

So many contrarian signals I can't tell whether I am looking at myself in the mirror or the mirror is looking back at me...

I am signing off with the observation that SPI filled gap today from 6314 (Tues close) to 6325 (Wed open) and spx yet to fill gap to 1503.15 (Tues close). If spx manages to close gap tonight it could signal further downside to come in both markets (just to throw some more confusion in)...

Sleep well,

Cheers,
Funky

PS. As I was typing; spx just closed gap to 1503.15 and has progressed past it - at this stage I am happy to keep my shorts.