Daily Index Cycle update

The main indexes generally closed moderately lower, with the sp -8pts @ 1746. The two leaders - Trans/R2K, closed +0.7% and -0.4% respectively. Near term trend remains to the upside,  and baring a break back under 1730, equity bulls have little to be concerned about.


sp'daily5

R2K

Trans

Summary

So, a day where the market actually closed red! Well, except for the 'old leader' which is making a play to break into the 7000s.

Equity bears have no right to get even remotely confident about the market. One down day does nothing to the short term, never mind the longer term trends.

Underlying MACD (blue bar histogram) cycle is obviously very high, but there remains huge upside pressure, and even if the market were to just churn sideways in price, it will take some weeks for price momentum to turn even moderately to the downside.
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a little more later...