Daily Index Cycle update

The main market opened moderately higher, and then saw mild chop across much of the day. The Transports did noticeably fall for the fourth consecutive day, the longest decline since Dec'2012. Near term trend is still upward, but the bigger cycle looks like it is about to complete.


IWM

SP'daily5

Trans

Summary

So, another day 'broadly' higher. Its certainly important to recognise the weakness being seen in the 'old leader' Transports ( go check the daily close in FDX today!), but the main market itself is still generally climbing.

My best guess..we max out tomorrow or Friday. Considering the Cyprus issue - which has NOT gone away, the market remains very vulnerable to a major gap lower..especially next Monday.
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I am sitting on the sidelines, and waiting to launch a major index re-short /Long VIX.

First downside target is the rising support @ sp'1520, although I think sp'1470s are very viable on a multi-week down cycle.
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a little more later.