Daily Index Cycle update

The main indexes all closed moderately lower, although the Transports saw more significant declines of 1.1%. Mid-term trend remains to the upside, but there is a small possibility of a very minor retracement. First soft support is the rising daily 10MA of sp'1607.


R2K

SP

Trans

Summary

So, the 5 day bullish streak comes to an end.

Underlying MACD (blue bar histogram) cycle ticked lower for all the indexes, and thus it could be labelled as day'1 down.

However, baring a move under sp'1597, I can't seriously consider that a major turn is now underway. After all, the QE-pomo is still continuing.

a little more later