I'm thinking at least 4 more wks in rally mode...
Will next week be down?
Last week I noted that the Sentimentrader s/t signal was the most bullish it's been since last July.
In both instances a long down-trend line was broken to the upside.
However June's "Triple Witching" did not allow for much movement either way after that sentiment extreme and the market's are just above the flatline for the year, and the Right Shoulder of that much watched H&S pattern continues to develop.
Trader's Almanac notes that the week after June Triple Witching, the DOW has been down 17 of the last 19 and 10 in a row.
Mike Burk's stats confirm:
"By all measures average returns have been negative over the coming week and the 2nd year of the Presidential Cycle has been the worst of all."
Next week's "scheduled" news may introduce some bigger action:
Monday:
The latest out of Europe will likely determine Monday's session.
Tuesday:
FOMC Meeting Begins
ICSC-Goldman Store Sales
7:45 AM ET
Redbook
Existing Home Sales
10:00 AM ET
Wednesday:
New Home Sales
10:00 AM ET
EIA Petroleum Status Report
10:30 AM ET
FOMC Meeting Announcement
Thursday:
Durable Goods Orders
Jobless Claims
EIA Natural Gas Report
Friday:
GDP
Consumer Sentiment
US Economic Calendar LINK
