Daily Index Cycle update

The bears tried to knock the market lower, but once again, the bulls managed something of a latter day recovery, with all indexes closing moderately higher. Near term trend remains to the upside, and the sp'1710/20s look very viable in the immediate term.


sp'daily5

R2K

Trans

Summary

A relatively quiet market day, where the bears again displayed a simple lack of power. The underlying pressure remains to the upside, and bulls are still managing to generally negate every single little down cycle.

SP'500 looks set to break into the 1700s this week, if not tomorrow. With the FOMC, and an array of econ-data due Wednesday, tomorrow will be as good a chance as any.

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*I remain on the sidelines, and will be seeking a short of the main indexes, but preferably in the sp'1715/25 zone.
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a little more later...