Daily Index Cycle update

US equities closed moderately higher, sp +2pts @ 1864. The two leaders - Trans/R2K, both settled higher by around 0.5%. There is a small chance of a minor retrace back to the 1850/45 zone early next week, but Mr Market is more than likely to surpass the recent 1872 high.


sp'daily5

Summary

Bizarrely, each day of this week has closed net higher, even though Mon/Tuesday actually felt like major weakness.

It remains an incredibly strong market, and with the break above the 50 day MA - at least for the sp'500, I'm resigned to new index highs (at least in the Dow, Sp) in May.

The only thing that would make me reconsider is a break <1814, and frankly, that seems very unlikely.

a little more later....