Daily Index Cycle update

The main indexes all closed higher, with the sp +14pts @ 1656, although resistance was broken, with a peak of 1659. The two leaders - Trans/R2K, closed with very significant gains of 2.0% and 1.4% respectively. Market looks set for a bounce into the sp'1680s early next week.


sp'daily5

R2K

Trans

Summary

So, despite the Nasdaq being closed for over 3hrs, the main market was not particularly spooked, and managed rather impressive gains.

It now looks unlikely that sp'1635/25 will be hit in the current wave, and instead, I'm seeking a bounce to the 1680s. I do NOT expect new index highs any time soon, and even the 1690s will be tough for the bulls to get any daily closes within.

*I remain on the sidelines, and seeking an index-short in the 1680/85 zone...with an exit in the 1600/1575 zone by mid-September.

a little more later...