Daily Index Cycle update

The main indexes closed strongly higher, after slight opening declines. The sp' saw a very strong reversal from 1608 to close +1.5% @ 1636. The Trans and R2K closed even more powerfully higher, with gains of 1.9% and 1.8% respectively. Near term trend looks bullish.


SP'daily5

R2K

Trans

Summary

It was always a real unknown if the sp'1598 critical low would hold. With Japan getting whacked 6%, the bears would have been understandably looking forwards to today.

It sure didn't end well for the bears. With today's close, it would seem we have one of those 'marginally higher low' situations.

From here, the market looks set for at least an attempt on the recent high of sp'1687. All things considered, I think a final high..somewhere in the sp'1700/50 zone looks very viable in mid/late July.
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a little more later...