Daily Cycle Update

A busy and important week comes to a close, lets take a look at those daily index charts - via the Elder Impulse system.- which I tend to refer to as the 'rainbow' charts ;) The Green is usually a sign of a confirmed bullish trend, blue is flat/mixed/uncertain, and red is bearish trend.


IWM

NASDAQ Comp

Dow

NYSE Comp

SP'500

Transports

Summary

You can see small bear flags forming on all the index charts. From a MACD (green bar histogram) cycle perspective, we are low on the cycle and due for an up move. I would guess the bear flags have another 1-3 days to grow before they break lower towards the end of next week.

Considering the weekly and monthly cycles, I really believe these little bear flags will play out to the downside - as they often do, and by the end of May, the market will be significantly lower under sp'1300