Daily Index Cycle update

US equities closed significantly higher for the second consecutive day, sp +30pts @ 1895. The two leaders - Trans/R2K, settled higher by 2.3% and 2.4% respectively. Near term outlook offers threat of a minor retrace to 1871/64, but in any case.. the 1920/30s are highly probable before next opportunity of another major rollover.


sp'daily5

Trans

Summary

*price structure in the Transports is a large bear flag, but the close above the 50dma is somewhat bullish.

The fact other indexes put in marginally lower lows last week, its somewhat a messy picture.
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A second day higher... and it'd seem we'll see the sp'1900s soon enough.

Right now, there are a great many aspects of resistance from the 1920s to 1950s. It will be extremely difficult for the sp'500 to break >1950... even if the market can hold together into mid March.
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Closing update from Riley



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a little more later...