Daily Index Cycle update

The main indexes closed moderately lower, with the sp -5pts @ 1802. The two leaders - Trans/R2K, settled -0.7% and -0.9% respectively. Near term outlook remains bullish, with the 1820s viable this week, and the 1840s by year end.


sp'daily5

Dow

Summary

A pretty quiet day in market land. The only notable action was in the momo stocks, which all saw rather impressive gains.

Now that we're two days into the week, the notion of a C wave lower seems out of range - considering recent price action.

Equity bulls remain firmly in control, and the sp'1820s could easily be hit later this week, especially this Thursday, when there is very heavy QE-pomo.

a little more later...