Daily Index Cycle update

The main indexes closed the week with further gains, sp +10pts @1703. Across the week, the sp' gained 0.75%, which is a powerful turnaround from the earlier low of 1646. The outlook into next week looks bullish, with a break back into the 1710/20s very viable Mon/Tuesday.


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Summary

Suffice to say, the sp'1640s look a very long way down, and in many ways, I'm even starting to wonder if we'll see those levels at all in the remainder of this year.

Anyway, first things first..we're in a new up cycle. First big target is the FOMC high of 1729, that does seem likely to be surpassed. Secondary target for late Oct/early Nov is the 1740/60 zone.

Underlying MACD (blue bar histogram) cycle is set to go positive at the Monday open, so the bulls really do have everything turning their way.
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a little more later..to wrap up what has been a pretty wild week.