Daily Index Cycle update

A very quiet day in the US markets. As usual, a little latter day melt higher, with most indexes closing slightly higher. The notable exception was the transports which declined for the second consecutive day by 0.5%  The lower VIX confirmed the continued underlying upward trend.


IWM

sp'daily5

Trans

Summary

From a MACD (blue bar histogram) cycle perspective, today was day'7 UP. Thats getting a little over-stretched, perhaps there will be another 2-3 days..but then this cycle will VERY likely be complete.

In the bigger picture..that'd complete a wave that began last November @ sp'1343.

As ever..the only issue is then..how far can we drop.

Considering the last four years, you'd have to assume we'll merely put in yet another higher low..somewhere in the sp'1425/00.

a little more later.