Daily Index Cycle update

US indexes closed generally moderately higher, sp +8pts @ 1981. The two leaders - Trans/R2K, settled +0.6% and -0.2% respectively. Near term outlook remains bullish, with the sp'500 within range of the 1990/2000s.


sp'daily5

R2K

Trans

Summary

First, I'll start with the weakest index.. the R2K, which again broke below the 1150 threshold this morning - where the 50 day MA is lurking.

I realise some will be getting overly focused on this weaker index (and I'd still indeed call it the second market leader), but the new highs in the Dow/Trans outweigh the R2K.

The broader market is very much still climbing, and the idea of attempting to short this market, seems ludicrous to me.
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a little more later...