Daily Index Cycle update

The main indexes closed around 0.6% higher, with the Rus'2000 and Transports leading the way higher. With the break over sp'1474, the provisional bullish warning - from the trans/R2K, was confirmed, and it would seem there is a considerable way higher yet to go.

With today's break >sp'1474, Its probably useful to consider all of the six main indexes.


IWM (rus'2000)

Nasdaq Comp

Dow

NYSE Comp

SP

Trans

Summary

So, we have the Rus'2000, Trans, NYSE Comp, and now the SP'500 above their highs from Sept'2012. Only the Dow and Nasdaq are yet to make the break, and the Dow could easily do that tomorrow.

More than any other chart, the Transports daily is becoming ever more impressive. Day after day of gains..scraping along the upper channel line..and on its way to the next big psy' level of 6000. As I noted the other day, are we looking at Trans 7k end 2013, with SP'1700s? It has to at least be considered, even by yours truly.
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Underlying MACD cycle on most of the indexes is certainly weaker than it was, but its still positive cycle, and generally..everything really does look outright bullish.


A retracement?

A retracement is of course very viable at any point, and indeed, the higher we go, the more closer we are to getting one. Yet, even a pull back to sp'1450/40 now looks somewhat difficult, and the lower gap of sp'1425 looks arguably out of range.

Frankly, it could be a very considerable time before we fill that gap @ 1425.

A little more later.