A good day for the bulls. After 12 days, we're now finally in the target zone of sp'1350/60. Is that it for wave'2? Wednesday might well be unlucky 13 for the bull maniacs who are looking for new index highs of sp>1422 this summer.
Lets look at those daily cycles....
IWM, bearish outlook
Sp' daily, 4mth
A strong day across just about the whole market. A few key aspects of today...
Transports...getting a little close to the concrete wall of 5400. A break over this level and the general bearish outlook is arguably in critical danger of being thrown out.
Sp' fib 61.8% level of 1363...hit..(just about) today. That may have been the high for this cycle. We might have another attempt to break it tomorrow. A double top on the hourly cycle would be a very nice place to re-short tomorrow afternoon.
All indexes are over-stretched on the MACD (blue bar histogram) cycle, and have been outside their daily bollinger bands today. We are at pretty good levels for a re-short..but...first...lets get the FOMC decision out of the way.
Still to come..to close the night...the battle plan for Fed day.