Daily Index Cycle update

US indexes saw gains in the morning, but there was some distinct weakness across the afternoon, sp -2pts @ 1875. The two leaders - Trans/R2K, settled u/c and -1.0% respectively. Near term outlook remains moderately bullish into mid/late May.


sp'daily5

R2K

Trans

Summary

The R2K sure looks weak, but then..it has had a hyper run since the Oct'2011 low.

I continue to believe we are merely seeing a case where the bigger institutions are switching from high beta/tech, into more conservative stocks..especially those within the Dow.

For the moment..we are merely seeing the broader market largely just churn sideways..very close to the historic highs. Again, it is notable that today, the Transports - 'old leader', did break a new historic high.

Taking the market as a whole, I just can't get on the bearish train...yet.
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a little more later...