IWM, daily
SP'daily5
Transports
Summary
So..what now? The Sp' daily chart could still be said to have a bear flag - now six days old, but considering everything else, I'd guess its a replay of late August. The bear flag will of course be completely invalid if we break above the spike high of 1474.
The underlying MACD (blue bar histogram) is indeed cycling back higher, and we're set to go +cycle on the main indexes in the next 1 or 2 days. Certainly, the bulls are back in control.
As ever, its all about perception, and if Market likes the jobs number tomorrow, even if its sub 100k, then we'll just keep going higher. Its a nasty market, one built largely on delusion, inspired by the media, and propped up by the Fed, and gods know who else.
A little more later