Daily Index Cycle update

The main indexes closed moderately mixed, with the sp +2pts @ 1762. The two leaders - Trans/R2K, closed +0.4% and -0.04% respectively. Near term trend remains bullish, and a move to the sp'1770/80s looks possible this week.


sp'daily5

R2K

Trans

Summary

There really isn't much to add. The broader trend remains clearly to the upside. Yes, we're overbought, but not to the extent that a further 2% isn't viable this week.

Market is likely to trade Tuesday..much as it did today. The FOMC are not going to surprise the market, but still, with QE continuing, the market looks set for broadly higher levels into next spring.

a little more later...