IWM (repre' Rus'2000)
SP'daily5
Trans
Summary
The transports are still looking extremely strong, and even a 3-4% decline down to the low 5300s would not do any damage to the current strong up trend. It has to be said...its a VERY bullish sign for the broader market.
The main indexes are indeed still lagging though, but they are only fractionally below their Sept' highs. It sure won't take much of a push higher to break sp'1474, and the big 1500 will be on everyones' mind.
Underlying momentum (see MACD, blue bar histogram) did tick lower on the SP, Dow, Nasdaq, but its very marginal, and its still very much in positive territory.
All things considered, this remains a strong market, and even a retracement down to the sp'1420s would not wreck the overall upward trend.
A little more later