Daily Index Cycle update

US equities closed significantly higher for the third consecutive day, sp +31pts @ 1926 (intra high 1930). The two leaders - Trans/R2K, settled higher by 1.6% and 1.5% respectively. Near term outlook remains broadly bullish, with next resistance to the 1950/65 zone.


sp'daily5b

Trans

Summary

A third day for the equity bulls, with the 'old leader' Trans, leading the way higher. Indeed, the Trans is now set for a fifth consecutive net weekly gain.

Broadly though, this is almost certainly just a powerful bear market rally.

Unless the sp'500 breaks >1970 (2K to be decisive), I have no inclination to change the broader bearish outlook.

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a little more later...