Daily Index Cycle update

After Mondays declines, Tuesday saw an near equal rebound, with the main indexes closing around 1% higher. Fractional new highs were put in on the sp'500 and the Transports. The VIX closed around 6% lower, although it gained 11% yesterday..a marginally interesting discrepancy.


IWM

Sp'daily5

Trans

Summary

So...today was clearly a major let down for the bears, but one of yet more hillarity for those on the 'dip buying' train.

There was indeed the initial likelihood of a minor opening bounce - I had assumed one myself, but I sure didn't think it could claw all of yesterdays gains back. As things are, all hopes of a minor multi-day retracement should again be trashed.

With the sp and transports even breaking to new post-2009 highs, it has to be said...wow, what market!


Now it'll be micro 'double top' talk

The hourly charts offer a small scale double top possibility, but its arguably to be dismissed. The daily, weekly, and monthly trends are ALL powerfully pushing this market higher, and as today again showed..the bears just can't string together more than a day or two of 'moderate' declines.

a little more later