Daily Index Cycle update

The main indexes were weak in the closing hour, with the sp -5pts @ 1800. The two leaders - Trans/R2K, closed +0.3% and -1.2% respectively. The broader market trend remains to the upside, with Dow 16500 and sp'1840s viable by end year.


sp'daily5

R2K

Trans

Summary

So..another weak closing hour, and no doubt some of the remaining equity bears will be getting somewhat excited about a near term decline.

Just how is that viable? We have VERY heavy QE on three of the next four days. A move even to the sp'1770s looks..difficult.

Certainly, we have a break of trend on the hourly/daily charts, but more than likely, we'll just see price chop, rather than 3-5 days of downside.

The notion of a 'significant' drop before year end is arguably utter nonsense.
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a little more later...