Daily Index Cycle update

The main market closed higher by around 0.5%. However, once again, the Rus'2000, and the Transports were leading, closing around 1% and 0.6% respectively higher. The near term trend remains to the upside, although any break <sp'1400 would cause serious technical damage, and open the door to a major wave lower.


IWM (Rus'2000 small cap)

SP'daily5

Trans

Summary

So, the SP' has not hit the 50 day MA @ 1422, nor the 61% fib @ 1425. Its thus possible we'll do that tomorrow, if so, I can live with being short a day early.

As things are, I think we're close to being maxed out. Certainly, the hourly cycles (see earlier post) are all primed to rollover this Friday, and continue lower into Monday.
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Indeed, it was quite an interesting and exciting day, where after almost two weeks of waiting, I finally hit some trading buttons. I'm now heavy short, and seeking my first exit around sp'1400/1395 within the next 1-3 trading days.





Lets see how many of the deluded bull maniacs wish to hold across the weekend. I think we'll see some 'protective selling' tomorrow, not least since its the end of the trading month.

A little more later