sp'daily5
Dow
Summary
So..the headline indexes of the Nasdaq, Sp'500, and Dow, all closed red for the third consecutive day. It is notable that the two leaders though - Trans/R2K, look somewhat stronger, and suggestive of a Friday positive close for the wider market.
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An ABC (forming sub'4) was the style of decline expected..and we arguably now have a floor at sp'1772. So long as that is not taken out..I'll hold to an outlook for broad upside into end year.
The break in the dow <15800 is an issue...however, other indexes..along with the VIX are highly suggestive that the broader up trend will resume..and take us into early 2014.
As I noted last night, Bulls have downside buffer to the 15200s. Anyone touting major doom before that level is taken out..needs to spend the coming weekend staring at one of the monthly charts I regularly post.
a little more later...