Daily Index Cycle update

The main indexes closed moderately higher for a third day, with the sp +2pts @ 1655. The two leaders - Trans/R2K, closed +0.6% and 0.3% respectively. Near term outlook remains bullish, with the upper gap zone of 1680/85 a prime target for the bears to re-short the main market.


sp'daily5

R2K

Trans

Summary

A somewhat dull and tiresome day to be sitting on the sidelines. Bulls failed to show any significant follow through from yesterday, yet..neither did the bears show any real power on the downside.

Indeed, bears look utterly powerless again, with the VIX simply melting lower, seemingly headed for the low 15s.
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re: black count on sp' daily5

If the market starts putting in any daily closes in the 1690s, the count is dropped, otherwise, I'm still going to be clinging to renewed downside in mid/late September
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a little more later..