Daily Index Cycle update

The main indexes closed somewhat mixed. The Sp, Dow, and R2K both closed around 0.3% higher, but the Transports actually closed -0.3%, with the Nasdaq almost flat. Near term trend is still to the upside, but this four day ramp is surely in the final phase.


IWM, daily

SP'daily5

Trans

Summary

So...another day broadly higher, but the gains were only moderate today.

The sp' hit a high of 1597.35, and that will now be the big number for the bears to dwell upon overnight. Was that the high of this near term cycle..or perhaps even a multi-month high?

The underlying MACD (blue bar histogram) ticked higher for a 4'th/5th day for the indexes, and there is no sign of the current up cycle ending.

What is clear from the bigger weekly charts, bears need a Friday/weekly close back under sp'1580. That is not even 1% lower, so its well within range, and with the hourly charts as they are...Friday morning (when we have some econ and corporate earnings data) will offer some chance of breaking back into the 1570s..if 'briefly'.

a little more later...