Daily Index Cycle update

The main indexes closed moderately lower, after moderate gains for much of the day, with the sp -6pts @ 1656. The two market leaders - Trans/R2K, both managed to close effectively flat - after earlier gains of 0.5%. Broad trend still appears slightly to the upside.


sp'daily5

R2K

Trans

Summary

The closing hour certainly helped wake everyone up, after what had been a very subdued day of algo-bot melt, with an sp' high of 1669.

The declines in the headline indexes - Sp/dow/nasdaq, are slightly interesting, but still..the two leaders - Trans/R2K, closed flat.

With very large QE of $5bn for Tuesday, and $3bn for Wednesday, equity bears face major problems across the next two trading days.
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I'm holding to the original outlook, seeking the sp'1680s...before renewed significant downside into September.

a little more later...