Daily Index Cycle update

The main indexes were moderately weak across the day, and there was something of a latter day recovery - especially in the Dow which closed flat. Most indexes closed -0.3% or so, which was surprisingly strong after recent gains. VIX again confirmed the markets complacency.


IWM

SP'daily5

Trans

Summary

Suffice to say, the US indexes held up very well today, this was despite some rather lousy retail and other economic data.

My best guess is that the market has maxed out at sp'1597, but we'll need to see a few daily closes back under the old resistance/high of 1576. Even then, bears can't be confident until we take out the key March'19 low of sp'1538.

Until we're trading under 1538, the bulls are still broadly in control, as supported by the bigger weekly and monthly charts.
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That is all for today..and the week.

Have a good weekend

*next main post, late Saturday, on the US weekly indexes