Daily Index Cycle update

The main indexes closed with moderate gains, sp +3pts @ 1808. The two leaders - Trans/R2K, settled +0.3% and -0.2% respectively. Near term outlook is broadly bullish, with the bigger weekly/monthly cycles offering the sp'1840s before year end.


sp'daily5

R2K

Trans

Summary

*it remains notable that the Nasdaq Comp' broke a new high today, although is still almost 20% below its 2000 tech bubble peak.
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There isn't much to add. The broader mid/long term trend remains unquestionably bullish, the only issue is whether the bulls can claw another 1, 2, or 3% higher before the year wraps up.

Considering the ongoing QE, it'd be surprising if we don't at least briefly break into the sp'1830/50 zone, before another micro down cycle.

a little more later...