Daily Index Cycle update

The main indexes closed with moderate gains, with sp +0.4% @ 1585. The latter day weakness was somewhat interesting, as was the close fractionally under the hourly 10MA of 1585. Yet the bears can't be confident until we're back <1570, with VIX back in the mid teens.


IWM

SP'daily5

Trans

Summary

So...we saw the bull maniacs really rattle the bears today. The break into the 1590s - which held for a few hours, was indeed disturbing to see.

Frankly, had we put in a daily close >1597, I would be kinda lost as to what to say.
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Near term underlying MACD (blue bar histogram) cycle is still ticking higher, and is now positive cycle on a few indexes, and even if the bears can break <1570 this Friday, its going to be another few days before we see the trend flip back to the downside.

Tomorrow will be important. Bulls will merely have to hold the current gains, whilst bears should be desperate to get back down into the 1560/50s. As it is, a weekly close in the 1550s seems a tall order, even if the GDP data comes in bad.

a little more later