Daily Index Cycle update

The main indexes opened with minor chop, but with the break <sp'1830..the weakness gathered some momentum, sp -23pts @ 1819. The two leaders - Trans/R2K, both settled lower by around -1.4%. Baring a break below the big 1800 threshold, the primary upward trend remains intact.


sp'daily5

R2K

Trans

Summary

For the bears it was the first decent down day in over a month. I'll certainly call the daily net decline 'significant', but still, it wasn't anything too major. When was the last 2/3% daily decline? It has been so long, I can't even recall without looking at a chart.

The bears managed to break the 1830 support line today, but there are multiple walls of support at 1812/10/08..and then 1800.

I just can't see the bears being able to break all those levels of support. The fact that the VIX earlier today was in the 11s, was again a reminder of just how fearless this market is.
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a little more later...