The important development on the 1W chart though has been the Death Cross formation (MA50 below MA200) earlier this June. This is generally a signal but last time that happened in February 2009 during the Global Subprime Crisis, it signaled the market of the bottom and the start of the new multi year bull cycle.
As such we are interpreting this pattern as signalling the bottom of the bear cycle that started with the January 2018 All Time High. This 5 week streak may be the early signal to tell us that we are gradually starting the new bull cycle. Despite this run, 1W remains only neutral ( = 50.334, = 46.185, = 30.0297) indicating that the upside potential is significant.
We are long on this market aiming initially at the previous market high at 2,600.
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