Daily Index Cycle update

US equity indexes closed moderately higher, sp +6pts @ 2114. The two leaders - Trans/R2K, settled higher by 0.1% and 0.4% respectively. Near term outlook is bullish, with the sp'2140s viable into the monthly jobs data this Friday morning. First support is the 2090/85 zone.


sp'daily5

Nasdaq comp'

Summary

Little to add.

Moderate gains for most indexes, but it does remain the case that the market has been broadly stuck since last December.

Increasingly, more are recognising that the market is coiling for a stronger move... one way or another. My guess.. it will be to the upside.. for one final up wave.. before the next sig' correction of 10/15%.

For now, I see ZERO reason to be short the main indexes. The only wild card is Greece, but thats been the case since spring 2010, right?

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a little more later...