Daily Index Cycle update

The main indexes closed significantly higher, lead by the Transports and R2K which are playing catchup, both closed 1.8% higher - although still below their March highs. Near term trend looks like the current up cycle will last into next week. VIX again confirmed the utter complacency.


IWM

SP

Trans

Summary

'Urghh'

That is probably all that needs to be said about today.
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Underlying MACD (blue bar histogram) cycle on all the indexes ticked up for a fourth day, and is set to go positive cycle on all indexes by this Friday. There is now little reason to believe that the current momentum will be able to turn back lower within the next 3-4 days.

With new highs for the SP - and other indexes pushing back upward, bears arguably should step aside, and wait at least until next week.

a little more later...