Daily Index Cycle update

US equities saw significant gains for most indexes, sp +19pts @ 1862. The two leaders - Trans/R2K, settled significantly higher, by 1.7% and 1.1% respectively. Near term outlook is now bullish into May, and the sp'1925/50 zone looks a relatively easy target to hit.


sp'daily5

R2K

Trans

Summary

So, here we are again, and with the daily close above the 50 day MA of sp'1848, it looks pretty decisive to me. Yes, the R2K and Nasdaq are still weak, but they did manage important gains today.

Underlying MACD (blue bar histogram) cycle is set to go positive in 3 or 4 days, and with 2 days of sig' QE-pomo next week, everything is turning back to the bulls.

I sure am disappointed by the lack of the sp'1770/60s in the recent down wave, but the trend has clearly turned, and that target zone now looks unlikely to be hit for at least 2 or 3 months.
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Closing update from Riley



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a little more later...