Daily Index Cycle update

The US equity market started the week in a very quiet state, with most indexes closing relatively unchanged. The Sp managed a tiny gain of 3pts, settling at 1695, which was yet another historic closing high. Near term trend remains unquestionably bullish.


sp'daily5

Dow

Summary

sp'1695..thats a powerful 135pt gain across the last 20 trading days.

Indeed, of those 20 days, only 4 were red, 3 of them 'minor'.
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The bulls remain strongly in control - holding within a very clear up channel. With no major news due this week - and two significant QEs (Tue/Thursday), there is likely further upside into the 1710/20s in the very near term.

Best guess remains, a turn to the downside next week..no later than July'31 - the FOMC, GDP Q2 day.
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a little more later