Daily Index Cycle update

A red close for the indexes, but well above the morning lows, and in many ways, it almost felt like another up day. Bears still utterly unable to hold the market from its usual latter day recovery ramp. Incredible underlying strength, no doubt fuelled by POMO $, and aided by both the HFT algo-bots and those infamous cheer leaders.


IWM, daily

SP'daily5

Trans

Summary

So...we closed a little lower, and even broke below sp'1500 for a few hours, but its simply no good.

The bears are still powerless, and the market still ramps each afternoon.

It has to be asked, why does anyone seriously expect this to change any time soon?

Even a multi-day 3% decline to the rising support around sp'1460/50s still looks like a very difficult target to hit.

A little more later.