Daily Index Cycle update

The main indexes closed a little higher, but there was some distinct weakness in the closing hour. The sp'500 managed almost another 3pts higher, to settle @ 1669 - after an earlier high of 1674. Near term is still within an accelerated upward channel...but its looking tired.


sp'daily5

Summary

Suffice to say, things are looking 'tired' as we are approaching a 3 day (next Monday is closed for Memorial day) holiday weekend.
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Underlying MACD (blue bar histogram) cycle actually ticked lower for a second consecutive day, although we're still very high in positive territory. Its going to take a break of the channel to have any chance of just going negative cycle.

Right now, the very best bearish case is for sp'1640/35 by the Friday close, but frankly, I find that hard to envision.

We have another mid-sized POMO on Thursday. Which direction do you think the market will be going then?
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a little more later...