Tuesday 16 July 2013

Daily Index Cycle update

The main indexes all closed with moderate gains, on what is now day'14 of a 122pt rally in the sp'500. The May'22 high of 1687 looks set to be broken Tuesday, and if the Bernanke does not upset the market on Wed/Thursday, the 1700s look viable later this week.


sp'daily5



R2K



Trans


Summary

As expected, this market is no place for the bears. The underlying price momentum remains extremely strong to the upside. Even though today wasn't a major gain, it was still a worthy victory for the bulls

Upside to 1740/60 looks viable by early August, and that will make for a very toppy fifth wave.

a little more later...