Daily Index Cycle update

US indexes closed the week with minor price chop, sp -2pts @ 1881. The two leaders - Trans/R2K, settled -0.3% and +0.2% respectively. Near term outlook is for a renewed push to new index highs, into the sp'1925/50 zone across the next 3-6 weeks.


sp'daily5

Nasdaq Comp'

R2K

Trans

Summary

*It is notable that we already have fractional breaks of the declining resistance on the Nasdaq and R2K. This certainly is highly suggestive that the broader market will be climbing for a few more weeks.

Transports, Dow, SP', all came pretty close to breaking new historic highs today. Despite today's mixed close, new highs do seem likely next week.

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a little more later...