Daily Index Cycle update

The market was in positive territory for the first trading day of Q3, with the sp' hitting a high of 1626 by late morning. Surprisingly, there was actually some latter day weakness, with the sp' closing +0.5% in the 1614s. Underlying MACD cycle is cruising comfortably higher.


sp'daily5

Summary

A very rough day for the bears to start the third quarter.

In many ways, does it merely portend for 'broad upside' across Q3 ? Considering that QE is continuing, its going to be damn difficult for the bears to take out the recent key low of sp'1560.

The bears should remain desperate for a daily close back <1600. If that is achieved later this week, then there is the 'small' possibility that 1560 will similarly be taken out, and the original weekly cycle target to hit by mid July.

*I remain short, will likely 'wave the white flag' on any break >1630. Until then, I am trying to be patient.
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a little more later