Daily Index Cycle update

Equities pushed higher into the weekend, sp +23pts @ 1797. The two leaders - Trans/R2K, settled higher by 0.8% and 1.2% respectively. With the VIX closing in a dire manner, it would seem we have a near term floor of 1737, with further upside next week.


sp'daily5

R2K

Trans

Summary

That sure was a very bullish second half of the week. Indeed, the week can be split into almost two diverse halves. With some mild panic - an sp -40pt fall on Monday, a lower low of 1737 on Wednesday, but then climbing all the way into the Friday close, it was one hell of a split week.

Next upside for the bulls is the 50 day MA - currently sp'1809, that is a mere 0.6% from today's close.

Barring another bizarre turn to the downside, back below 1770 - if not 1750, equity bears look toast until late March/April.
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a little more later