Daily Cycle Update

The market fell considerably today, the intra-day  low of 1347 certainly surprised many, but perhaps even more surprising was the late day ramp to close at 1363. A full 16pt turn around is pretty strong..and bodes for further upside early Wednesday and into the weekend.


NASDAQ Comp, daily

IWM, daily

SP, daily

Sp'60min H/S Formation

Summary

I again added the SP'60min, H/S formation chart, I think it will remain of prime importance across the next 5-7 trading days. If it is correct, I'm going to have a rather successful May and June.

From a cycle perspective, the MACD (blue bar histogram) on the daily cycles are still cruising lower of course, but if Wednesday closes green, we'll see a confirmed turn higher by the Thursday open - and that in itself would set up a 3-5 day up move. Right now, I'd guess we max out around 1385/95 around next Tuesday.

Maybe a little more..later this evening.

yours... tired.