Daily Index Cycle update

US equity indexes closed moderately higher, sp +14pts @ 1998. The two leaders - Trans/R2K, settled higher by 0.6% and 0.4% respectively. Near term outlook offers new historic highs for most indexes - although the R2K remains a particular laggard.


sp'daily5

Dow

Summary

*the Dow was a notable index today in that it broke a new historic high of 17167.
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The daily charts for most indexes are offering rather clear bull flags spanning the past few weeks.

Whether you want to label/count the recent wave as a 2, B, or whatever, we look to be in a new up wave..which in theory.. should be stronger than the move from 1904-2011.

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Closing update from Riley



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a little more later...