1pm update - a few more days

On any near term outlook, it looks like the market will be churning around sp'1445/65 for the rest of this week. Interestingly, that would still be below the mid Sept QE highs. However, the R2K and the Transports have broken above key cycle highs.


sp'daily5

Euro, daily

Summary

I am going to seek a fourth smaller tower on the MACD (blue bar histogram) cycle - see daily chart.

Even if market prices remain flat from current levels into the weekend, we'll see that cycle crawl higher until at least until Friday.

A clear rollover - even if we get one, won't be clear until next Tue/Wednesday at the earliest.
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*its notable that the Euro has slumped from the earlier high, and the Dollar has similarly recovered, and is now fractionally higher.