Daily Index Cycle update

The indexes closed red, but the declines were very minor, and as expected, we saw a latter day recovery. The transports and Rus'2000 are comfortably holding within their breakout territory, and it still seems likely we'll be trading in the sp'1500s within the next 2-6 weeks.


IWM, daily

Sp'daily5

Trans

Summary

All things considered, the bulls are very much in charge. The gains from last weeks hyper-ramp are holding, and even if we retrace lower to 1440/25 later this week, the near term trend is still to the upside. It would be very surprising if we break the ascending channel support - which by this Friday, will be @ sp'1415.

With the weekly and monthly charts both pushing higher, the default trade is now most definitely to the upside.

A little more later