Daily Index Cycle update

US equities closed moderately higher, sp +5pts @ 2109 (intra high 2116). The two leaders - Trans/R2K, settled -0.4% and +0.4% respectively. Near term outlook remains for a retrace, but with each extra point higher, the downside target is raised. First soft target is the 200dma in the 2060s, with secondary in the 2025/20 zone.


sp'daily5

Dow

Summary

Today's new cycle highs are rather extraordinary, with the sp' coming within 0.9% of a new historic high.

Even a retrace to the 50dma by Nov' opex would do absolutely nothing of significance to dent the current up wave.

Broadly, the market looks set to climb into year end.. and across next spring.

--
a little more later...