Daily Index Cycle update

The main indexes continued higher, on what is now day six of a rally from the sp'1536 low. The Nasdaq was the strongest index, with gains of 0.85%, most indexes had closing gains of 0.5% or so. Near term trend is clearly still to the upside, with a bizarrely low VIX in the 13s.


Nasdaq comp

SP'daily5

Trans

Summary

The bears utterly failed today, and it was perhaps one of the worse failures we've seen in some months.

Not only did we see all indexes break the highs from last Wednesday, but we even saw the Nasdaq break the high of April'11.

Clearly, the bulls are still in control, and there is currently no sign of a turn/levelling phase. Indeed, it is entirely possible we'll just gap open higher Tuesday..straight into the sp'1600s.

a little more later