Daily Index Cycle update

The main indexes closed higher for a second consecutive day, and thus likely confirming the sp' floor @ 1598. It would seem likely the sp' will be trading the 1660/70s next week. The big unknown is whether we can break the Bernanke 1687 'reversal day' high.


sp'daily5

R2K

Trans

Summary

Well, that's another crazy week concluded, at the worlds most twisted and rigged casino. Certainly, it wasn't dull, and that's half the reason we're still part of this, right?

Underlying MACD (blue bar histogram) cycle is now ticking higher on all indexes, and is set to go positive cycle by next Wed/Thursday.

I expect we'll trade higher on Monday, but there is certainly high risk of a 10/15pt pull back, once we've broken back into the 1650s.

There is no significant QE until next Thursday (there was none today), so it remains kinda interesting to see how the market copes without its POMO help.


That is all for today..and the week.

Have a good weekend....and goodnight from London
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Video from Mr Permabull/Carboni, to conclude the week...



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*next main post..late Saturday, probably on the US monthly index charts.