Daily Index Cycle update

The market saw a very mixed..but rather muted day. The Trans and Rus'2000 showed some moderate upside, whilst the other indexes saw moderate declines. Its a bit of a mess, but we'll have a much clearer idea of where we headed next week, from tomorrow's price action.


IWM

SP'daily5

Trans

Summary

The fact the Tranny and R2K closed a little higher does not wreck the hopes of a near term retracement, but they sure don't help!

What is clear, if we take out sp'1510 tomorrow, with the Trans/R2K showing similar new highs..then bears are right back to square'1.

However, I'm guessing we WILL see a retracement though, with sp'1460/50s, and VIX 17/18.

It is arguably very important - from the bearish side, that we close Friday <sp'1490, with VIX in the 15s. That will open up a further 30pts to the downside.

As ever..we shall see.

A little more later.