Daily Index Cycle update

The main market closed moderately higher. Only the Rus'2000 small cap failed to close higher, with the transports similarly stuck under recent highs. Near term trend remains bullish, but we're getting close to being overbought. Next down cycle likely to start after this coming opex.


IWM, daily

SP'daily5

Trans

Summary

A pretty dull day to start the week. I don't expect Tuesday to be any different.

Underlying MACD (blue bar histogram) cycle is still ticking higher, and there is no sign of this current up cycle having maxed out.

Considering its opex week, and with two rather large POMOs on Thur/Friday, I can't see the bears have any window of opportunity until next week at least.

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*I holding long overnight via SLV and USO.

A little more later.