Daily Index Cycle update

The main indexes closed a touch lower, after breaking new historic highs in the morning. Most notable aspect of the day was the R2K, which broke the big 1000 psy' level. The sp' hit a new high of 1672, and the mid/long term trend remains very much to the upside.


R2K

SP

Summary

So..a little weakness into the close, but really, we did break new highs..all time historic highs on most of the indexes, not least the R2K.

With the R2K breaking 1000, what is the next big level, 1100s, 1200s..1500 ? Why not 2000?

Baring an end to the QE-pomo, the US equity market looks set for continued upside. What should be embarrassingly clear to the bears, is that even a pull back of 2-4% looks exceedingly difficult in the days and weeks ahead.

The notion of a 10% - or even bigger, intermediate pull back now looks almost laughably impossible.

a little more later...