Daily Index Cycle update

A pretty dull day, with most indexes closing fractionally higher. With the VIX 2% lower in the 13s, this market is unquestionably still fearless, its all bizarrely remarkable.


IWM

Sp'daily5

Transports

Summary

Its been around 3 months since we closed significantly lower - see June'21. Until we see a similar down move, with VIX in the 18/20 range, the bears - not least the 'doomer' ones, are really still fighting a fierce up trend.

The underlying MACD (blue bar histogram) cycle continues to decline, but in price terms, we sure aren't seeing much of anything to the downside. We're a mere 13pts from last weeks QE3 peak.

I remain short, seeking an exit 1440/30.

I still can't see a break below the recent important low of 1397.

A little more later