Daily Index Cycle update

The main indexes closed moderately higher, with the sp +6pts @ 1767. The two leaders - Trans/R2K, both gained around 1.1%. There remains huge underlying upside pressure, and equity bears must not get lost in mild hysteria, if the market falls into the 1730s later this week.


sp'daily5

R2K

Trans

Summary

This was always going to be a tough week for the bears, not least with three significant doses of the QE-pomo fuel. We're continuing to broadly rise from sp'1646, with the 1800s now increasingly viewed as viable by the mainstream.

The most notable issue remains the disturbing strength seen in the Trans and R2K, both of which powered significantly higher today.

For the equity bears out there, even if there is any minor wave lower later this week, it will likely be brief..and arguably untradeable.

a little more later...