IWM, daily
IWM remains one of the most unstable indexes, it has a very long way to fall just to get back to its early June low. Unlike the other indexes, from a MACD cycle perspective, it did manage to put in an even higher (blue bar histogram) tower. It is one very bullish sign for those seeking new highs this summer. However, unless I see IWM break 85.0, I can't become bullish, as its already failed many times this year.
NASDAQ Comp
Tech' looks really good from a bearish viewpoint, a perfect hit on the descending trend line from the recent peaks. The MACD cycle looks good for a decisive rollover, and there is plenty of downside possible, but we'll need to see a break under 2800 to confirm something 'bigger is coming'.
Dow
NYSE comp
The master-index looks great for the bears. We'll need to see a break under 7600, preferably 7500.
Bulls will be desperate to break the big 8000, if they can achieve that, then the longer term outlook will switch to primarily bullish - no matter how sickening that will sound to those now short.
Sp
The first target for the bears next week should be a daily close under the 50 day MA, currently 1339. The bears would do really well to close next week somewhere under 1320. If they can manage that, the weekly and monthly cycles will again all be synced up, and the door will be open to sp'1225/00 within the following few weeks.
Transports
The tranny remains the weakest index that I follow, and it never did manage to break the FOMC peaks (equivalent to sp'1363). Bears will want to see a move back below 5k, and a close next week below the recent low in the 4950 area.
Summary
Those were some pretty impressive charts there I think, especially the NYSE composite. IWM is the only index right now that is really close to violating (with a new high) what many still believe is a 'wave 2'..
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The short-stop levels are clear for those currently short...tight 1374, loose 1390/1400. Anything over 1400, and the bear case is off the table.
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A little more later, but regardless...have a good weekend!