Daily Index Cycle update

The 8 day winning streak for the indexes is broken, but the primary trend remains to the upside. The sp' hit an intra-day low of 1671, and that was close to the hourly lower bollinger..a very natural bounce level. Bears face considerable problems if the Bernanke pleases the market tomorrow morning.


sp'daily5

Summary

So..a moderately lower close, and the sp'500 is yet to break the May'22 high of 1687, but considering other indexes - like the R2K, are well above their May highs, I have to assume the sp' will follow.

It seems just a matter of whether its tomorrow..or more likely...next week.

Broad upside into early August appears still on track.

a little more later..