Daily Index Cycle update

The main indexes closed higher for the fourth consecutive day, with most indexes up around 0.75%. Near term trend remains outright bullish, but there is some resistance in the sp'1655/60 area. The sp'1700s arguably look a given, by early August.


sp'daily5

Summary

So..another day higher, and the bulls remain laughably in control. With ongoing QE, the bears face endless problems.
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Even if the FOMC minutes - released tomorrow @ 2pm - or the Bernanke (who speaks later at 4pm), spooks the market, any pull back will likely be no lower than the 50 day MA, which will be around 1630 Thur/Friday.

a little more later...