Daily Index Cycle update

The main equity indexes closed with rather significant gains, sp +19pts @ 1819. The two leaders - Trans/R2K, settled higher by 1.1% and 0.9% respectively. Near term outlook offers a minor retracement, before new historic highs are broken.


sp'daily5

R2K

Trans

Summary

A fourth consecutive day of very important gains, and the Wednesday low of sp'1737 now looks a very long way down. There looks to be zero chance of breaking that for at least a few months.

The daily close above the 50 day MA arguably 'seals the deal' for the bulls. Yes, there is a likely minor retracement due - maybe a few percent, but generally, we now have a very clear multi-week floor of 1737, and Mr Market looks set for much higher levels..possibly the low sp'1900s by late March/early April.
--

Closing update from Mr TopStep



a little more later...