Daily Index Cycle update

The main indexes strongly recovered from opening declines of around 1%, the sp settled +7pts @ 1710. Near term trend is to the upside, and it would appear Mr Market has very little concern about the debt ceiling issue.


sp'daily5

dow'daily

R2K, daily

Summary

For the bears, a very disappointing day.

Once again the bulls managed a strong turn around..right from the open..and even the closing hour price action was pretty strong.

Underlying MACD (blue bar histogram) cycle for all indexes is going positive cycle, and there is a good 3-6 days further viable..and that should comfortably offer the sp'1730/40s.

a little more later...