Daily Index Cycle update

The fifth consecutive daily gain for the US equity market, with the headline indexes climbing 0.3-0.5%. The Transports managed a 0.2% gain, with an impressive close in the 6400s. Near term trend is looking somewhat toppy, but there is absolutely no sign of a turn lower.


Rus'2000

SP'daily5

Trans

Summary

Another day of algo-bot melt, and the bulls must be very amused with the little ramp into the close. No doubt some of those bears who were shorting the open were closing out at the end of the day, on minor losses.

This was indeed the fifth day higher since last Wednesday's 1% decline (although it was a much sharper -2.4% on the Trans/R2K), I honestly can't fathom why almost every bear is not seeing this as a clear breakout to the upside.

It is surely the start of a major new multi-month up wave..as is most clearly seen on the Trans' weekly chart.

*I remain on the sidelines, seeking to go long Oil, and short Silver...but I am in no hurry for hitting buttons any time soon.
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a little more later