Daily Index Cycle update

The market closed a touch weak, with the sp -3pts @ 1722. The two leaders - Trans/R2K, closed +0.3% and -0.2% respectively. Near term trend looks bullish, although there is an opportunity for a brief decline to 1715/10, tomorrow/Monday, before renewed upside into the 1750/75 zone.


sp'daily5

R2K

Trans

Summary

I see many are now saying 'ahh, you see..no follow through after the FOMC gains'. That seems to be the best the bears can come out with right now, its kinda lame..dare I say.

The daily/weekly charts are pushing stronger higher, and the sp'1750/75 zone looks set to be hit in October. I simply can't envision any kind of significant pull back for at least 3-4 weeks.

Yes, there is the debt ceiling issue, but I can't see that as a serious issue to be concerned about yet. Besides, King Obama has already decreed that he will just issue an exec-order anyway to raise it.

With QE continuing in full....there looks to be virtually no threat of downside until late spring 2014.
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a little more later...