Daily Index Cycle update

The main indexes saw rather significant gains of around 1%. The transports remains a powerful leader, rising 1.9% into the upper 6400s. Near term trend remains very strong, and there looks to be another 7-10% viable across the next 2-3 months.


R2K - almost at 1000 !

SP

Trans

Summary

So, another day higher, one will that doubtless have annoyed a great many bears. As it looked yesterday, the Trans daily chart had a baby bull flag, and was confirmed today with a very strong gain of almost 2%. It is actually pretty amazing that we are now just 700pts shy of my 'best bull case' of Trans 7200s by August.

The Rus'2000 small cap looks set to breach the hugely psychological threshold of 1000 in the coming few days.

*I'll again note, when will the mainstream start talking of 'R2K @ 2K' ?
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Clearly, the ongoing QE-pomo is keeping a strong bid underneath most stock prices, and with no end date yet for the Fed programs, this market goes UP. Its that simple.
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a little more later...