Daily Index Cycle update

The main indexes closed moderately higher, with the sp +10pts @ 1792. The two leaders - Trans/R2K, settled higher by 1.1% and 0.9% respectively. There looks to be continued bounce upside to the sp'1810/15 zone, no later than early Thursday.


sp'daily5

R2K

Trans

Summary

So..the first up day for the sp' since last Wednesday. Nothing for the bulls to get overly excited about though, not least after the very powerful Friday down wave.

The issue now of course is whether 1772 is a key floor, or are we just in the process of a bounce..before another wave lower?

On any basis - considering the bigger weekly cycles (with up trends from 2012 broken), I have to think we'll get stuck around 1810/15..rollover..and then at least test 1765 - a level many are looking for.

Any daily close <1765..and we'll likely see a fast and furious move straight to the 200 day MA..which is currently 1703.
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a little more later...