Daily Index Cycle update

The US indexes closed with moderate gains, sp +11pts @ 1847. The two leaders - Trans/R2K, settled higher by 0.4% and 0.9% respectively. Near term outlook is bullish, and with continued significant QE-pomo, the equity bears face the usual problems.


sp'daily5

R2K

Trans

Summary

So, we have the sp'500 now following the Nasdaq in breaking new post 2009 highs, to a new intraday high of 1858. The Trans/R2K...and the Dow all look set to follow in the days ahead.

I suppose you could call today's daily closing candles somewhat bearish, but hey, we did break new historic highs, and despite some weakness in the closing hour, we still closed with net daily gains.

With the VIX in the low teens, this market remains a fearless one.
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Closing update from Riley



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a little more later...