Daily Index Cycle update

US indexes closed strongly higher, sp +23pts @ 1950 (intra high 1961). The two leaders - Trans/R2K, settled higher by a rather powerful 2.1% and 1.8% respectively. Near term outlook is for continued upside into the FOMC of next Wednesday.


sp'daily5

R2K

Trans

Summary

Suffice to say.. the Wednesday decline looks to be a micro washout of no importance, and we're broadly still climbing.

There seems litlte reason why the market can't climb at least a little higher into the middle of next week. Whether the market can break and hold the sp'1970s... that is difficult to guess.
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a little more later...