Daily Index Cycle update

US indexes closed with some notable strength, sp +5pts @ 1890, having broken a new historic high of 1893.17. The two leaders - Trans/R2K, settled higher by 0.7% and 0.3% respectively. Near term outlook is offering a minor retrace to the sp'1875/65 zone.


sp'daily5

R2K

Trans

Summary

In many ways, the Transports - old leader, is indeed leading the way, and with the break into the 7700s this morning, the obvious question now is 'when are the 8000s' going to be hit?

The big 8k psy' level will be difficult to hit, but the break has been achieved, and the trend is very much to the upside.

The Dow is yet to break the Dec'31st high of 16588.25 - it came within 0.06pts this afternoon. There is little doubt now that the Dow will push into the 17000s by mid/late May.
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a little more later...