Daily Index Cycle update

The main indexes all closed moderately higher, with the sp' managing to hold the low 1690s. The two leaders - Trans/R2K, both closed higher by around 0.4%. The recent five day down wave appears to be concluded, and a major multi-week ramp into the mid 1700s now looks very likely.


sp'daily5

R2K

Trans

Summary

The daily charts are offering rather clear bull flags - spanning the past six trading days.

Bears should be desperate for a further break lower, into the 1680s, but considering the price action this week, that no longer looks likely.

It would seem it is now a case of when the market starts a major new wave higher. Whether it begins tomorrow, next Monday (end of month/Q3), or early October, shouldn't make any difference to those already on the long side.

a little more later...