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.


sp'daily5

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Summary

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.
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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.

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

a little more later...