Daily Index Cycle update

US equities closed significantly higher, sp +28pts @ 2116. The two leaders - Trans/R2K, settled higher by 0.6% and 0.8% respectively. Near term outlook is bullish, with first target (via the weekly cycle) of the 2140s. It is just about feasible for the 2160/70s by the next FOMC of mid June.


sp'daily5

R2K

Trans

Summary

*the two leaders remain notably weak.. but if the Trans can break/hold the 8900s early next week, it does bode for a viable challenge of new historic highs in June.
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So.. a second day of gains, and the Wed' low of sp'2067 now looks a long way down. Certainly, momentum has now swung strongly back in favour of the equity bulls, and the sp'2130s look very likely next week.

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a little more later....