Daily Index Cycle update

The main indexes closed with moderate gains, with the sp +5pts to 1752. The two leaders - Trans/R2K, managed gains of 0.9% and 0.7% respectively. Near term trend remains very much to the upside, with the sp'1800s comfortably viable in November.


sp'daily5

R2K

Trans

Summary

Most notable today, the Transports breaking into the 7000s.

Again, I'd have to note that it was Mr Permabull, who was the first in the mainstream (that I know of) to tout the 7000s. Oscar was suggesting that target very early this year. Good call Mr Carboni!
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Primary trend remains bullish on the daily, weekly, and monthly index cycles. There is simply nothing for the bears to get excited about. I realise many are looking at 1759 as a top, but frankly, those same people were calling the same thing at sp'1576, 1600, 1650....etc.

With QE continuing, the broad upward trend looks set to continue into spring 2014.

a little more later..