Daily Index Cycle update

US equities closed a bearish week on a very positive note, sp +35pts @ 1864. The two leaders - Trans/R2K, settled higher by 2.4% and 1.9% respectively. Near term outlook offers further upside to the sp'1920/30 zone.. where the 50dma will soon be lurking.


sp'daily5

Dow

Summary

Suffice to add, a rather bullish end to the week, but broadly... its unquestionably just part of another short term bounce. The only issue is how high.. and for how long.

Best guess... sp'1920/30 zone.. before end month. Its possible we'll then see a few weeks of chop within a 2-4% range... before first opportunity to break <1800 in mid March.

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a little more later...