Daily Index cycle update

The main indexes opened moderately lower, then a recovery rally, but saw a rather significant..and consistent drop into the close, with the sp-23pts @ 1630. With the double floor of 1635 being taken out, the next support on Monday will be around 1615/10.


R2K

Sp'daily5

Trans

Summary

Well, a little drama in the closing hour, with not only the Wednesday low of 1640 being taken out, but last weeks double floor of 1635. The close of 1630 opens up the daily lower bollinger - currently 1612, with the 50 day MA @ 1599.

Considering the QE continues, and with the weekly/monthly charts STILL bullish, I have to believe this is merely another micro-pull back.

I will look to go heavy long on Monday, I still think the sp'1700s are coming this summer, if not the 1800s.
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That's it for today..and the week. Thanks to all those who have commented, its good to hear from some of you out there.

Have a good weekend!
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*next main post, late Saturday, which will probably be on the World monthly index charts.