Daily Index Cycle update

The main market closed moderately lower, with the largest closing declines since Friday Dec'28th. Despite the near 1% declines, we remain within the accelerated up trends, and all those touting a major top are likely to be proved grossly wrong once we move into March. The primary trend remains powerfully higher.


IWM

Sp'daily5

Trans

Summary

So, a down day, but really, I just can't get excited about this. We've seen a 5 week move from sp'1398 to 1514, and we're supposed to get excited about a close <1500 ?

Err, no. I don't think so. This is just another nasty tease from Mr Market.  Whether we floor at 1470, 60, or even somewhere in the 50s.. I can't guess...but I'll 'hope' its the 1455/50 zone.

What is especially bad for the bears is that the closer we get to the 1450s there is massive potential for an intra-day swing, putting in a floor, and before you know it, we'll have seen a 2-3% reversal day.

All declines are to be dismissed as entirely unreliable.

a little more later