Daily Index Cycle update

Equities battled hard to hold the sp'1772 low, with the sp' closing -0.2pts @ 1775. The two leaders - Trans/R2K, both settled higher by around 0.4%. Near term outlook is moderately bullish into next week, the only real threat to the broader up trend is the Fed changing policy next week.


sp'daily5

R2K

Trans

Summary

So..another week comes to a close. It is especially notable to see the two market leaders close the week on a slightly upward note. Indeed, that makes two up days for the Transports and the Rus'2000.

The sp'500 looks set for a new wave higher next week..and baring a decision by the Fed to cut QE ahead of the Christmas holiday - a decision I do not believe likely under any realistic scenario, the market should climb into the 1800s next week.

Regardless of how you might like to count the waves...the primary trend remains unquestionably to the upside.

a little more later...