IWM, daily
Dow, daily
Sp, daily5
NYSE, daily
Transports
Summary
A quiet day indeed for the headline indexes (SP/Dow). However, both the Rus'2000 (see IWM chart), and the Transports closed with somewhat significant gains. The Transports put in what was a pretty clear breakout, and is potentially warning of a new up cycle, that might be seen in other indexes sometime in the next few days.
The broad formation on the Sp' Dow, and NYSE Comp' remains that of a very tight 8 day top.
It really won't take much to snap the main indexes lower, probably to the low sp'1350s. Yet, it presently seems almost impossible to get a dow 50pt decline to hold for more than 30 minutes.
All those calling for sp'1200, 1100..or even 1000 by year end, it sure is not looking promising right now.
A little more later, to close the day.