Tuesday, 4 June 2013

Daily Index Cycle update

The main indexes saw a choppy Monday, but once again saw a latter day rally, with the sp' closing @ 1640. The bulls are just 10pts away from breaking triangle resistance, and that opens up a challenge of the Bernanke 'reversal day' high of 1687.





So...the main market saw one of its usual latter day recovery ramps, and we have the sp' closing 18pts above its morning low of 1622. That's a pretty impressive close, but the bulls should be seeking a Tue/Wednesday close in the 1650s.

I have to guess, they'll surely get it, if not even the 1660/70s by the Friday close.

However, there is a significant chance we'll be (briefly) trading in the 1620s again early tomorrow, but even if we do, the bulls will very likely be stronger than today.

*I am largely on the sidelines, seeking to pick up an index (long) block early Tuesday.

a little more later...