Daily Index Cycle update

A very quiet Monday in market land, with the main indexes closing mixed. Weakest was the Transports, but on a daily chart, it looks like a rather clear baby bull flag, highly suggestive of  further upside later this week. Baring a break <sp'1600, mid-term trend looks very strong.


R2K

SP'daily5

Trans

Summary

Transports indeed has the most bullish price formation now, with that tiny little bull flag. Considering that QE is still ongoing, there is no reason why this market won't keep battling higher.

A daily close in the sp'1640s looks viable later this week, and that opens up the 1650s by end May.

For those seeking a major equity wave lower...it looks like its still some months away.

a little more later...