Daily Index Cycle update

The sp'500 closed lower for the third consecutive day, the longest declining streak in eight weeks.  The two market leaders - Trans/R2K, both saw (as usual) more significant declines of around 0.7%. The mid-term trend is becoming clearer, with an apparent top @ sp'1709.


sp'daily5

R2K

Trans

Summary

So..the third down day in a row, and the bears are rampant..right?

Well, no. Not yet anyway. The laughable aspect is that the sp' closed a mere 19pts (1.2%) shy of its recent high.

All those touting doom are clearly not keeping things in perspective.
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What I will note though, there does seem a rather clear 'market-mood' change in the past few days, and even the cheer leading maniacs on clown finance TV are noting the market seems exhausted after a very strong ramp from the 1560 low.

My best guess, a continued bounce into Thursday, perhaps 1700/05..before the next wave lower. I suppose we could even trade largely sideways into the weekend before the next wave to sp'1660/50...

...regardless, I will very likely be picking up an index short block...having waited a fair few weeks!
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a little more later...