Friday, 11 January 2013

Daily Index Cycle update

The main indexes closed higher for the second day running. The gains were around 0.5-0.75%, certainly nothing major, but they now bring the SP, Dow, and Nasdaq within range of taking out the Sept'2012 highs - as the Trans/R2K already have.





Despite a little weakness on Monday and Tuesday, the market has again put in a higher low..and we're now breaking higher.

There really isn't much hope for the bears, aside from what is now a VERY slim hope of a retracement down to the 1440/25 level.

A gap above the sp'1474 high is now easy for the market to achieve, a mere 2pts away.

Frankly, I'm somewhat dismayed at this latest move.

We've now rallied 74pts in just 8 trading days. At this rate, we'll break the 2007 highs by the end of this month.

A little more later.