Daily Index Cycle update

The main indexes closed somewhat weak, with the sp -5pts @ 1762 The two leaders - Trans/R2K, both closed lower by around 0.5%. The near term outlook is moderately weak, but a further wave higher across late Nov/early December seems very likely to take the sp' into the low 1800s.


sp'daily5

R2K

Trans

Summary

Another frustrating day for the equity bears. Those opening declines were weak, and we even saw the Dow see a 129pt swing to trade moderately higher in the afternoon.

There remains an opportunity for the bears to knock the market lower into the sp'1730s this week, but with heavy QE this Wednesday and Friday, it will be very difficult.

Effectively, any downside..is arguably untradeable.
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a little more later...