Saturday, 9 March 2013

Daily Index Cycle update

The main indexes all closed higher, although the opening gains did temporarily evaporate. Primary trend remains UP..although from a wave count perspective..this is likely the end of a fifth tiny wave. Primary downside for April/May is sp'1425/00, with VIX in the mid 20s.





So..another day higher..the sixth for the sp'500. Understandably, the bulls can feel pretty confident. Yet, as many chartists have been projecting..this is probably the end of a major wave that began last November.

The issue for the next week or two will be about putting in a clear top..and waiting for a confirmed rollover..and break of support - which by end March is sp'1520.

That's all for the week...have a good weekend.

*next main posting..late Saturday..on the US monthly indexes