Daily Index Cycle update

The main indexes closed moderately mixed, with the sp +2.8pts @ 1709.67  - a new historic high. The R2K was flat, whilst the old leader - Transports, slipped around 0.3%, but still closed in the mid 6600s - the highest ever weekly close.


sp'daily5

R2K

Trans

Summary

So...the sixth week higher for the US indexes, and the sp'1560 low of June'24 is now 149pts  lower. Despite seeing some incredible ramp-waves across the four years, this latest one is still one to wonder at.

However, despite the latest weekly gain, I am indeed holding to my outlook that the market is about to peak, before a multi-week down cycle into September - back <sp'1600.

Next week, we should see some rather clear divergences start to appear, and the bears will have an opportunity to put in a daily reversal candle - which would make a top a lot more decisive - just as the May'22nd peak did.
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a little more later...