Quiet consolidation continues. While this is more likely to be ultimately bullish, I am wondering if we will see a bit more shakeout before we see Dow 20K. Some people think this levels matters, some don't. Did SPX 2000 matter? It did at times... especially when a half-year or yearly pivot level (support or resistance) was nearby. Given that Dow YR2 is 20029, we can see 20K tag and still be under the more important resistance. That is the area to watch next week. A lot more coming up this weekend on the blog.

SPY daily, SPX weekly (with 2000 in red) and INDU W all below.

No change to positioning; 70% net long includes 2 remaining IWM shorts and 1 FXI short.