Daily Index Cycle update

The main indexes opened higher, and built gains into the early afternoon. The FT posting upset the market for 90 minutes, but the market managed a strong closing half hour. Transports was the weakest index, slipping 0.2%, and remains in the somewhat bearish 6200s.


sp'daily5

Trans

Summary

So...a day generally for the bulls, although the afternoon price action certainly wasn't so great. It was certainly a bit of a mess, but the bulls still managed to ramp from 1630 to 1639 in the closing 30 minutes, which was very impressive considering the hourly charts were rolling over.

Daily MACD (blue bar histogram) cycle ticked higher for the third day, and is set to go positive cycle in about 3 days time.

Thursday looks VERY bullish, sp' looks set to be trading in the 1670s.

a little more later..