Daily Index Cycle update

US equities closed moderately higher, sp +12pts @ 1946. The two leaders - Trans/R2K, settled higher by 0.7% and 0.8% respectively. Near term outlook is for a break through the 50 day MA of 1955, which will open up the 1965/70 zone by the Friday close.


sp'daily5

Dow

Summary

Suffice to say, last Thursday's low of sp'1904, and perhaps more notably the overnight low (equivalent to sp'1892), are increasingly fading below.

It would seem highly unlikely that we'll break into the 1800s in the near term - as especially reflected in the VIX.

The only issue is where will the market get stuck... 1955, 65/70, the 1991 high.... or can it just keep on pushing straight up into the 2000s?

Best guess... 1965/70... a minor retrace..and then busting through 1970 on the second attempt.
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Closing update from Riley



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a little more later...