Daily Index Cycle update

The main indexes closed moderately higher, with the sp +13pts @ 1695. There were enough bullish breaks to suggest that it does appear likely the market is now beginning a new up wave, one that could last into November. Primary target zone is sp'1750/75


sp'daily5

R2K

Trans

Summary

The market opened a touch higher, and with the morning break into the sp'1690s, the market looked pretty comfortable into early afternoon. A natural minor down cycle washed out the weaker bulls, sucked in the bear chasers..and then a little closing hour jump into the mid 1690s.

All things considered, this is very likely a key turn day, and equity bulls will likely see at least some level of further gains into the Friday close.

The transports are especially offering a very clear bull flag..which was confirmed today..and now the 6800s look viable this month..with 7000s in Nov/Dec.
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a little more later.