Daily Index Cycle update

An important day for US equities, with the Dow breaking a new historic high, and the Sp' clearing the recent 1530 high. There is now easy upside to the 1550/60 area, although 1600s are viable by late April, but that will be very difficult.


Dow

SP'daily5

Trans

Summary

The transports continues to lead the way. It was the first to break higher in mid-December, and its now comfortably in the 6100s. 6400/6500 seems likely within the next few weeks. The only issue is whether 7000s are hit before the next major down wave of 10% or so.

Dow looks set to hit 14500 or so by late March, with sp'1550/60s.

It is going to be VERY difficult for the bulls to put in any sustained daily closes >1570.

A little more later