Daily Cycle Update

Just a little update on the daily cycles for the various indexes. Rather than look at charts with a lot of annotations, lets keep it simple for Friday night. Just the 'rainbow' style - 'Elder Impulse System'. I find it is often a good reminder of whether the trend is broadly bullish, mixed..or bearish. Right now we have 6 indexes..and they all closed with a red candle today.


IWM, daily

Nas' Comp

Dow

NYSE Comp

SP

Transport

Summary

All 6 indexes are giving sell signals (although I recognise some would argue whether a red candle denotes a 'sell signal', its just my view!). Dow remains the strongest index (see how high is it above its lower bollinger band), compared to other indexes.

From a MACD (green bar histogram) cycle perspective, only 3 indexes are negative at the moment, but the Dow, NYSE Comp, and the Transports should also go negative on Monday. That will be an added sell trigger for those algo-bots I believe.
--

So, a good end to the week for the bears. The trend -at least in the very near term, is now bearish.

Have a great weekend!