Daily Index Cycle update

The US market saw slight declines, although the Dow managed to close fractionally higher - its 8th consecutive rise. The primary trend remains upward, although we're now most certainly in overbought territory. There is no sign of a turn, and none is expected until next week.


Dow

SP'daily5

Trans

Summary

Some slight declines, but really, its nothing for the bears to get remotely excited about. The underlying trend remains comfortably higher.

The hourly charts (see earlier post) are suggestive of a few more little waves higher, with sp'1560/70s viable in the very near term.
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A multi-week down cycle seems very likely, starting within the next 1-3 weeks.

...a little more later