Daily Index Cycle update

The main indexes closed moderately higher, with the sp +4pts @ 1807. The two leaders - Trans/R2K, both settled +0.6%. Near term outlook is for broadly higher levels, with the sp'1810/20s viable next week.


sp'daily5

R2K

Trans

Summary

Yet another day for the equity bulls..and indeed, the bears simply lack any downside power.

Near term trend is only offering a 1.5/2.0% retracement at most..and even that looks difficult, not least with heavy QE-pomo next week.

Best guess..the 1810/20s next week.
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Video update from Riley



I have to agree, more likely than not...upside into early December, the very heavy amount of QE-fuel will no doubt really help. 

a little more later...