Saturday 13 July 2013

Daily Index Cycle update

The market ended the week at historic closing highs, with the sp' settling @ 1680, a mere 7pts shy of the May'22 intra-day peak. The R2K, Trans, Nasdaq all powered higher, only the Dow lagged somewhat - due to Boeing. Near term trend remains unquestionably to the upside.


sp'daily5 - near term 'best guess'


Nasdaq Comp


R2K


Trans


Summary

As I was expecting in the closing hour, with the 5/15min micro-cycles fully reset, the bulls managed a little ramp into the close, and it was a pretty nasty close for those bears still holding on the short side.

Bulls are in absolute control, and there is little reason why the sp' won't be trading (at least briefly) in the 1700s early next week. I say briefly, since next week is opex, and the Bernanke is due to speak to the US house/senate, which will probably be an excuse for a very small wave lower, in the latter half of the week.

It remains a nasty, deluded,...and Fed supported market. It makes me wonder if Bernanke's replacement (probably Janet Yellen) will be even more annoying to the bears.

I'd have to guess...probably.

a little more later...